Australia’s FAR acquires stake in Sangomar field and Offshore from ONGC Videsh

SENEGAL – ONGC Videsh (OVL) has signed definitive binding agreements with Australia’s FAR for acquiring 13% per cent participating interest in exploitation area of Sangomar field and 15 per cent participating interest in remaining contract area of Rufisque, Sangomar Offshore and Sangomar Deep Offshore (RSSD) Block in Senegalese offshore. The acquisition involves an upfront consideration of US$45 million with customary adjustments including the opening working capital as of January 2020 and the cash calls paid or to be paid from January 2020 onwards until completion (excluding any default interest paid…

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