Senegal: Woodside buys ConocoPhillips assets

ConocoPhillips said on 13 July it had agreed to sell Woodside Petroleum its 35% stake in Cairn Energy’s three offshore exploration blocks, which include the SNE and FAN discoveries. The purchase price is $350m, plus a completion adjustment of $80m. The transaction is subject to Senegal government approval and co-venturer pre-emption rights. “This is an important milestone for ConocoPhillips as we progress our phased exit from deep-water exploration in West Africa,” said ConocoPhillips executive vice-president, strategy, exploration and technology, Matt Fox. The transaction is expected to close by year-end.