Woodside buys stake in West African block

Australian LNG operator Woodside said Thursday it has entered into an agreement with UK-based Impact Oil & Gas to buy exploration acreage offshore Senegal and Guinea-Bissau.

Under the deal, Woodside will acquire a 65% participating interest in a production sharing contract (PSC) and associated joint operating agreement in the AGC Profond block located in the joint development area between Senegal and Guinea-Bissau.

The AGC Profond PSC covers approximately 6,700 km² and its water depths range from 1,400m to 3,700m, according to a statement by Woodside.

Impact will retain a 20% participating interest and Entreprise AGC SA (an entity owned by Senegal and Guinea-Bissau) has a 15% participating interest in the PSC. Woodside will be the operator of the PSC.

Woodside CEO Peter Coleman said the PSC represented an opportunity for Woodside to secure “high-quality” acreage in a focus area of interest.

“This builds on recent acquisitions in Cameroon, Gabon and Morocco and reflects our disciplined and strategic approach to studying regional petroleum systems,” Coleman said.

 

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Posted on February 18, 2016 with tags .

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