News

Far files Senegal arbitration

Far Ltd. made a request today (20 June) to the International Chamber of Commerce in Paris to start arbitration proceedings to resolve the current joint operating agreement dispute regarding Far’s right to pre-empt the sale of ConocoPhillips’ interest in the Rufisque, Sangomar and Sangomar Deep joint venture, offshore Senegal.

The Rufisque, Sangomar and Sangomar Deep offshore production sharing contract (PSC) covers an area of about 7490sq km over the shelf, slope, and basin floor of the Senegalese portion of the productive Mauritania-Senegal-Guinea-Bissau Basin.

In July 2016, Woodside agreed to acquire all of ConocoPhillips’ assets off Senegal in a US$430 million deal. Three months later, Far disputed announcements by both Woodside and ConocoPhillips that a deal between the two firms over assets in Senegal were completed.

The dispute escalated earlier this month, when Woodside Petroleum accused Far of not supporting its arrangement to undertake development work at the SNE oil field offshore Senegal, and for delaying the project. Far quickly fired back to dispute Woodside’s claim.

Source: OE Staff

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