ConocoPhillips has completed the sale of its interests in Senegal to Australian company Woodside for around $440m.
As part of the sale, Woodside will acquire 100% of the interests in ConocoPhillips Senegal, and own a 35% working interest in three exploration blocks in offshore Senegal.
As of 30 September, the three blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore, had a net carrying value of around $285m.
ConocoPhillips strategy, exploration and technology executive vice-president Matt Fox said: “We experienced a transparent and cooperative relationship with the Senegalese government and appreciated their support throughout a very successful exploration and appraisal campaign.
“By completing this sale, we are progressing our broader exit from deepwater exploration, which will further increase our capital flexibility and reduce the cost of supply of our portfolio.”
Following the sale, which was announced in July, ConocoPhillips expects to recognise a gain in the fourth quarter of this year, the amount is subject to final adjustments.
Woodside CEO Peter Coleman said that the acquisition serves as an addition to its global growth portfolio.
Coleman said: “We look forward to working with the Government of Senegal and joint venture participants Cairn Energy, FAR, and Petrosen, the Senegal National Oil Company, to progress the commercial development of the SNE and FAN discoveries.
“Woodside will bring to the joint venture expertise in deepwater drilling, development and operation of subsea infrastructure and floating production storage and offloading vessels.”