Woodside Petroleum (ASX:WPL) completes Sangomar acquisition from FAR

Company News

by Lauren Evans

Australia’s largest oil and gas producer Woodside Petroleum (ASX:WPL) has completed the acquisition of FAR Senegal RSSD's interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture.

FAR is an independent, African-focused oil and gas exploration and development company. The final completion payment to FAR was approximately US$126 million. Development on the Sangomar field, which contains both oil and gas, commenced in early 2020.

Woodside Acting CEO Meg O’Neill said, “The construction of the floating production storage and offloading facility, which is a converted oil tanker, is well underway and we are receiving delivery of subsea equipment in Senegal. Sangomar is a world-class resource which will deliver near-term production and revenue for Woodside. We are targeting first oil in 2023.”

Woodside intends to sell down its participating interest in the RSSD joint venture to approximately 40-50 per cent in the second half of 2021.

Shares in Woodside Petroleum (ASX:WPL) are trading 1.83 per cent lower at $23.63.

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