ConocoPhillips to sell three exploration blocks offshore Senegal

ConocoPhillips (COP) said recently that it plans to sell, through subsidiaries, its 35 percent stake in three exploration blocks offshore Senegal: Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore, including the SNE and FAN discoveries.

As of May 31, the three offshore exploration blocks were worth approximately $250 million.

The agreement is valued at $350 million, in addition to net routine adjustments of roughly $80 million. The transaction was made through subsidiaries of COP and Australia’s Woodside Petroleum Ltd. The agreement will be official once it is vetted and approved by co-venturer preemption rights and the Government of Senegal.

“This is an important milestone for ConocoPhillips as we progress our phased exit from deepwater exploration in West Africa,” Matt Fox, executive vice president for strategy, exploration and technology, s “I want to thank our joint venture partners for their collaboration and contributions during the exploration and appraisal phase of this project.”                                                                                  

The transaction is expected to close by end of the year 2016.