ONGC eyes stake in $4 billion Senegal oil field in distress sale after price crash

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 Rufisque, Sangomar Offshore and Sangomar Deep Offshore block.