ONGC Videsh to acquire stake in Senegal oil field

ONGC Videsh Limited has entered into a definitive agreement to buy Australian company FAR’s stake in the $4.2 billion Rufisque-Sangomar offshore oil project in Senegal. According to ONGC Videsh, the definitive agreement is for buying FAR Senegal SSD SA’s 13.6 per cent stake in the exploitation area (Sangomar project) and 15 per cent in the remaining contract area (exploration area) of what is officially identified as the Rufisque, Sangomar Offshore and Sangomar Deep Offshore block. Capricorn Senegal Limited, a subsidiary of Scottish explorer Cairn Energy, and Senegal’s national oil company Petrosen are the other partners in the block, besides FAR and Woodside. The Sangomar field, currently under development, is located in the deep waters of Mauritania, Senegal, Gambia, Guinea-Bissau and Guinea-Conakry Basin, offshore Senegal.