Deal Insight
ConocoPhillips exits Senegal deepwater in US$350 million sale to Woodside
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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
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Strategic rationale
- Woodside
- ConocoPhillips
- Cairn and FAR
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore blocksDeal analysis: Table 1
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Deal analysis: Table 2Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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