FAR has signed an area of mutual interest (AMI) agreement with CNOOC UK that covers selected licences in offshore Senegal and Gambia.
Under the AMI, FAR and CNOOC UK will collaborate in evaluating, bidding, negotiating and managing joint ventures on farm-in and open acreage opportunities for oil and gas licences.
The two firms will both provide services for the Mauritania-Senegal-Guinea-Bissau (MSGB) offshore basin, in addition to international deepwater operator capabilities.
The AMI agreement will be valid for two years.
FAR managing director Cath Norman said: “The partnership and AMI with CNOOC UK dramatically enhances FAR’s ability to acquire new assets in our core strategic geographic area of expertise.
“The complementary skills of both organisations strengthens our collective ability to build acreage positions offshore Senegal and the Gambia.
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“We are very pleased to have secured a strategic partner with the deep technical, operational and financial calibre of CNOOC UK.
“We look forward to working with CNOOC UK in securing and progressing new opportunities in the region.”
Both companies also stated their commitment to develop long-term strategic relationships with the governments of Senegal and Gambia.
This agreement will enable FAR to expand its portfolio of assets and strengthen itself as one of the prominent player in MSGB offshore basin.
CNOOC UK is a subsidiary of CNOOC, which is one of the largest producer of offshore crude oil and natural gas in China.