Woodside to acquire Cairn’s Sangomar stake in Senegal
08-09-2020 13:12:00 | by: Pie Kamau | hits: 2859 | Tags:

Woodside Energy has entered into a binding sale and purchase agreement to acquire Cairn Energy's entire participating interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture.

This follows Woodside’s exercise of its pre-emptive rights announced on 17 August 2020. Completion of the acquisition is subject to Government of Senegal approval, Cairn Energy PLC shareholder approval and other customary conditions precedent, and is targeted for Q4 2020.

Following completion, Woodside’s equity interest will increase to approximately 68.33% in the Sangomar exploitation area and to 75% for the remaining RSSD evaluation area. Woodside will remain operator.

Woodside is the pioneer of the LNG industry in Australia and the largest Australian natural gas producer with global portfolio and is recognised for world-class capabilities as an integrated upstream supplier of energy.