FAR has signed a two-year area of mutual interest (AMI) agreement with CNOOC UK for licenses offshore Senegal and The Gambia.
FAR, CNOOC AIM map. Image from FAR.
The AMI will see FAR and CNOOC UK partner in evaluating, bidding, negotiating and managing joint ventures on farmin and open acreage opportunities for oil and gas licenses.
FAR and CNOOC UK’s pact includes their expertise of the Mauritania-Senegal-Guinea-Bissau (MSGB) offshore basin and the capabilities of an international deepwater operator.
This agreement positions FAR to further expand its portfolio and establish itself as one of the major players in the rapidly emerging MSGB Basin – a basin that is increasingly attracting the attention of the world’s oil majors, says FAR.
“The partnership and AMI with CNOOC UK dramatically enhances FAR’s ability to acquire new assets in our core strategic geographic area of expertise. The complementary skills of both organizations strengthens our collective ability to build acreage positions offshore Senegal and The Gambia. We are very pleased to have secured a strategic partner with the deep technical, operational and financial caliber of CNOOC UK. We look forward to working with CNOOC UK in securing and progressing new opportunities in the region,” says FAR Managing Director, Cath Norman.
Earlier this week, CNOOC UK signed a deal to farmin to the AGC Profond block in the offshore joint development zone between Senegal and Guinea-Bissau, with operatorship and 65% stake.