As part of the deal signed in July 2016, Woodside has acquired 100% stake in ConocoPhillips Senegal, which owns 35% interest in a production sharing contract with the Senegal government.
The contract covers three offshore exploration blocks including Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore.
The sale is part of ConocoPhillips’ efforts to exit deepwater exploration business in West Africa.
ConocoPhillips strategy, exploration and technology executive vice-president Matt Fox said: “We experienced a transparent and cooperative relationship with the Senegalese government and appreciated their support throughout a very successful exploration and appraisal campaign.
“By completing this sale we are progressing our broader exit from deepwater exploration, which will further increase our capital flexibility and reduce the cost of supply of our portfolio.”
Woodside earlier said that the acquisition would provide it with a significant position in highly prospective emerging oil province.
Woodside CEO Peter Coleman earlier said: “the deal builds on our agreement to acquire a 65% interest in the AGC Profond exploration block located to the south in the Senegal-Guinea Bissau joint development zone and extends our regional focus in West Africa.”
The production sharing contract covers the SNE and FAN deep water oil discoveries, which recently completed appraisal work, proving high-quality resources.
According to Woodside estimates, the SNE discovery holds 560MMbbl of recoverable oil, making it one of the largest global deep water oil discoveries since 2014.
