Woodside Petroleum matches ONGC unit offer to buy FAR’s Sangomar stake

Australia’s Woodside Petroleum Ltd said on Thursday it had exercised its right to match an offer by a unit of India’s cru Videsh Ltd to buy FAR Ltd’s stake in the Sangomar oil project in Senegal.

FAR had said last month it would exit the troubled $4.2 billion Sangomar project off Senegal by selling its 15% stake to the ONGC unit for $45 million.

“The acquisition is value-accretive for Woodside shareholders and results in a streamlined joint venture which will assist in our targeted sell-down in 2021,” Woodside Chief Executive Officer Peter Coleman said in a statement.

Woodside said its offer would include $45 million payment and reimbursement of FAR’s share of working capital from Jan. 1 to completion, similar to the deal between FAR and ONGC.