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Woodside matches Lukoil's offer for Senegal oil project

  • Woodside Petroleum (OTCPK:WOPEF) says it has exercised its right to match a $400M offer by Russia's Lukoil (OTCPK:LUKOY) to buy Cairn Energy's (OTCPK:CRNCY) stake in the Sangomar oil project in Senegal.
  • The acquisition raises Woodside's interest in the Rufisque, Sangomar and Sangomar Deep offshore joint venture to 68%, making it the largest shareholder; it will remain as operator of the $4.2B project.
  • Woodside says the deal will remove the potential uncertainty of U.S. sanctions applying to the Sangomar field development, as Lukoil is on a U.S. list of sanctioned Russian firms.

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