Australia's Woodside Energy has agreed to acquire 65% interest in a joint development area off Senegal and Guinea-Bissau.
The deal, with UK minnow Impact Oil & Gas, covers the production sharing contract (PSC) and associated joint operating agreement on the AGC Profond block, which is in a joint development area between Senegal and Guinea-Bissau (the Zone).
AGC Profond covers about 6700sq km in 1400-3700m water depth.
Impact retains 20% interest with Enterprise AGC (an entity owned by Senegal and Guinea-Bissau) has a the remaining 15% interest.
Woodside CEO Peter Coleman said the PSC represented an opportunity for Woodside to secure high quality acreage in a focus area of interest.
“This builds on recent acquisitions in Cameroon, Gabon and Morocco and reflects our disciplined and strategic approach to studying regional petroleum systems,” Coleman said.
The completion of the farm-in, and Woodside’s acquisition of the interest, is subject to conditions precedent including regulatory approvals.