ConocoPhillips (NYSE: COP) today announced it has entered into an agreement to sell its 35 percent interest in three exploration blocks offshore Senegal, which include the SNE and FAN discoveries. The agreement, which is through subsidiaries of ConocoPhillips and Australia’s Woodside Petroleum Ltd. (ASX: WPL), is for $350 million plus net customary adjustments of approximately $80 million. The transaction is subject to approval of the Government of Senegal and co-venturer preemption rights.
“This is an important milestone for ConocoPhillips as we progress our phased exit from deepwater exploration in West Africa,” said Matt Fox, executive vice president, Strategy, Exploration and Technology. “I want to thank our joint venture partners for their collaboration and contributions during the exploration and appraisal phase of this project.”
The three offshore exploration blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore, had a net carrying value of approximately $250 million as of May 31, 2016. The transaction is anticipated to close by year-end 2016.