My first post is about the nascent senegalese oil industry for which the senegalese has a great hope that it will change their life.
The repartition of the capital of blocks "Rufisque offshore", 'offshore Sangomar' and "offshore Sangomar" has not yet changed. ConocoPhilips, which holds 35% of rights alongside Cairn (40%), Far (15%) and Petrosen (10%), wishes to transfer these to Woodside. But the State has not yet given his blessing.
Woodside Energy went too fast? On October 31, the Australian operator, announced on the Sydney stock exchange, have finalized the acquisition of the rights of the American Group ConocoPhilips on oil blocks "Rufisque offshore", 'offshore Sangomar' deep and "Offshore Sangomar", or 35%. He fixed the amount of the transaction to 350 million dollars (210 billion CFA francs) to which were added 90 million dollars (54 billion CFA francs) supplementary adjustments.
This announcement provoked one strong reaction from Far Limited, another Australian operator who holds 15% of the rights in question. In a statement signed by its Director General, Cath Norman, Far indicated "that a notice of right of pre-emption valid was not issued by (ConocoPhilips) partners" before suggesting that the State of Senegal which, through Petrosen, holds 10% of the blocks, yet gave consent.
Sources contacted by SeneWeb argue that Far is right. "Woodside announced an agreement that does not exist yet, corrects one of our interlocutors." The parties are negotiating. The State asked them to find common ground. If an agreement had been reached, the State would have announced it. »
There are several steps to take before such an agreement. When a rights holder (ConacoPhilips, in this case) wants to cede its share, it formulates its intention in informing its partners and in providing them all the documents related (offer to transfer received from another company, technical documents, etc.). In addition, association agreement defining relations between stakeholders requires it to offer rights to yield first to its partners.
They have 30 days to decide. If one of them chooses to exercise its right of pre-emption, it can automatically buy the equivalent of the shares he owns at the time of the assignment, or even more if the other partners do not want the remaining rights. In the contrary case, the assignee may resort to other companies which will have each, in the event of agreement, provide to the Government all the information about their technical and financial capabilities.
At this step, the State checks the conformity of the information available to it. And if everything is in order, the Minister of energy makes an order to commit the transaction. Then, last step, the decree regulating the assignment of blocks in question is updated. A real obstacle course.
"All this has not yet been done", an advisor to the Prime Minister contacted by Scott blows. "Woodside has perhaps purposely make this announcement to put pressure on his interlocutors in the negotiations", believed an employee of Petrosen who requested anonymity.
Rufisque offshore, offshore Sangomar and deep offshore Sangomar are to date held by Cairn (40%), ConocoPhilips (35%), Far (15%) and Petrosen (10%). We learn that when ConocoPhilips decided to cede its rights, Cairn would have clearly indicated that he was not interested. We know already that Petrosen, not participating in l "stage investment exploration, will not preempt. So in the capital of the three blocks, only Far is in position to redeem all or part to assign rights. It forces ConocoPhilips to dialogue with them.