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ConocoPhillips exits Senegal deepwater in US$350 million sale to Woodside

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19 July 2016

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
    • 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:

  • Document

    ConocoPhillips exits Senegal deepwater in US$350 million sale to Woodside

    PDF 323.05 KB

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