Sihle Qekeleshe, Web Editor November 12, 2020
ONGC Videsh announced its entry into Senegal’s offshore exploration area through a 13.67% participating interest in the Sangomar field and a 15% participating interest in remaining contract area of Rufisque, Sangomar Offshore and Sangomar Deep Offshore Block.
The Sangomar Field is located in deep waters offshore Mauritania, Senegal, Gambia, Guinea-Bissau and Guinea-Conakry Basin,comprising an area of 772 km
2 and scheduled to yield first production in 2023 under Phase 1 development. Woodside is the current operator of the field.
With total investment until first oil estimated at $600 million, the acquisition involves an upfront consideration of $45 million. According to the company’s press release, the deal also involves contingent payments due annually (capped at $55 million) based on the price of Brent Crude.
Sudan to Start Production at New Oil Field
africaoilandpower.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from africaoilandpower.com Daily Mail and Mail on Sunday newspapers.
Ige to furlough thousands of Hawaii state workers beginning in January
bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.