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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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."

“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.”

See Also:

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”