Woodside Energy has signed an agreement with the UK-based Impact Oil & Gas to acquire a 65% participating interest in an offshore production sharing contract (PSC) in the joint development area between Senegal and Guinea-Bissau.
Under the agreement, Woodside will acquire the stake in a 6,700km² PSC in the AGC Profond permit in the area.
The AGC Profond PSC lies in water depths ranging from 1,400m to 3,700m.
Following the agreement, Impact plans to keep a 20% participating interest and Entreprise AGC, an entity owned by Senegal and Guinea-Bissau, will own a 15% interest in the PSC.
Woodside will serve as the operator of the PSC.
Woodside CEO Peter Coleman said that the PSC represented an opportunity for the company to secure quality acreage in a focus area of interest.
Coleman said: "This builds on recent acquisitions in Cameroon, Gabon and Morocco and reflects our disciplined and strategic approach to studying regional petroleum systems."
Completion of the acquisition is subject to regulatory approvals.
AGC Profond lies across the principal sand fairway of the Late Cretaceous Casamance deep marine fan and the Jurassic-Cretaceous carbonate platform edge along the block’s eastern flank.
Cairn Energy completed testing of this petroleum system with the FAN-1 and SNE-1 oil discoveries, located to the north of the block.