Woodside Acquires Cairn Energy’s Stake in Senegal’s Sangomar Development
The deal makes Woodside the major shareholder of the Sangomar oil project with a 68% interest.
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The deal makes Woodside the major shareholder of the Sangomar oil project with a 68% interest.
Lukoil bought Cairn Energy’s 40% interest in the offshore project for $300 million.
Sangomar is one of Senegal’s two major hydrocarbon projects in Senegal.
FAR has received an interest in the sale of its 15% stake in the $4.2 billion Sangomar oil and gas project.
FAR owns 15% of the Woodside-operated oil field.
The project is expected to have a production capacity of 100,000 barrels per day
Sangomar is expected to yield its first oil in 2023.
The operating joint-venture moves towards final investment decision on Senegal’s first offshore oil project.
Taking place on May 13-14, the Invest in African Energy 2025 Forum convenes under the theme, “Maximizing Returns: Pioneering Africa’s Energy Boom.”