Woodside has entered into a binding sale and purchase agreement to acquire Cairn’s entire participating interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture.
Australia’s largest independent energy company announced that while the sale was subject to regular approval from the Senegal government and Cairn shareholders, the company had exercised its pre-emptive rights and completion was targeted for the fourth quarter of this year.
Thereafter, Woodside’s equity interest is set to increase to approximately 68.33% in the Sangomar exploitation area and to 75% for the remaining RSSD evaluation area. Woodside will remain the operator.
On 17 August Woodside blocked the sale of Cairn’s stake in RSSD to Russian energy company Lukoil.