Deal Insight
ConocoPhillips exits Senegal deepwater in US$350 million sale to Woodside
Report summary
On 14 July 2016, Woodside announced it had agreed to buy all of ConocoPhillips' 35% participating interest in three Senegalese exploration blocks for US$350 million. The blocks are Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore. The Sangomar Deep block contains two potentially basin-opening discoveries: SNE, which we currently estimate contains 385 million barrels of commercial oil, and FAN, which we consider a contingent technical reserve. The effective date of the deal is 1 January 2016. The transaction is subject to customary conditions, including Government approval and pre-emption, and is targeting close by year-end 2016. Woodside expects to pay a completion adjustment of US$80 million. The acquisition also includes the option for Woodside to operate the future development of any resource, again subject to approval.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
- Upsides and risks
-
Strategic rationale
- Woodside
- ConocoPhillips
- Cairn and FAR
- Oil & gas pricing and assumptions
Tables and charts
This report includes 7 images and tables including:
- Executive summary: Table 1
- Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore blocks
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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