Woodside Nixes Lukoil's Senegal Upstream Deal

摘要

Australia's Woodside Petroleum has pre-empted Russian producer Lukoil's $300 million-plus deal to acquire UK independent Cairn Energy's upstream assets in Senegal. The move appears to have been at least partly motivated by the threat of US sanctions against Russia (IOD Jul.28'20). Had the deal been approved, Lukoil would have acquired a 40% stake in the $4.2 billion deepwater Sangomar oil development. Woodside operates Sangomar with a 35% interest and is targeting first oil in 2023, with a production capacity of 100,000 barrels per day.