FAR farms out majority stake in two offshore Guinea-Bissau projects to CNOOC

摘要

AUSTRALIAN OIL AND gas explorer FAR Ltd,which holds a stake in oil drilling licenses off the West African coast of Guinea-Bissau,has announced that a unit of China National Offshore Oil Corp(CNOOC) will take a majority stake in the projects.Under the terms of the farm-out agreement,a 55 per cent interest in Sinapa and Esperanca licenses will be assigned to CNOOC West African Petroleum E&P SA from Sweden's Svenska Petroleum Exploration GB.FAR will continue to hold a 21.42 per cent stake in each license.Svenska will retain a reduced participating interest of 23.03 per cent and will continue to act as an operator while CNOOC may choose to assume operatorship at the conclusion of the upcoming offshore drilling campaign.