NEW DELHI: Australian energy major Woodside Petroleum has exercised its right of first refusal (RoFR) to checkmate ONGC Videsh\u2019s bid to buy 15% stake in a $4-billion Senegal oilfield. The move dashes the ONGC subsidiary\u2019s hopes of its first bargain hunt in the aftermath of the April oil price crash.
\nSources told TOI that Woodside informed stakeholders and the Senegal government last week of its intention to preempt ONGC Videsh\u2019s deal to acquire another Aussie firm FAR\u2019s 15% in the Sangomar project with a matching offer, estimated at $111 million and further investment of $600 million.
\nThis is a similar move Woodside made in August to block Russian LukOil from buying independent Scottish explorer Cairn Energy\u2019s 36.4% stake for $400 million. This has recently been cleared by the Senegal government. ONGC Videsh\u2019s deal size, sources said, indicated more than 60% discount to LukOil\u2019s offer for acquiring Cairn Energy\u2019s stake A spokesperson for ONGC confirmed the development and said the company was evaluating its options but raising the offer for FAR\u2019s stake was not one<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: Australian energy major Woodside Petroleum has exercised its right of first refusal (RoFR) to checkmate ONGC Videsh\u2019s bid to buy 15% stake in a $4-billion Senegal oilfield. The move dashes the ONGC subsidiary\u2019s hopes of its first bargain hunt in the aftermath of the April oil price crash. Sources told TOI that Woodside informed stakeholders and the Senegal government last week of its intention to preempt ONGC Videsh\u2019s deal to acquire another Aussie firm FAR\u2019s 15% in the Sangomar project with a matching offer, estimated at $111 million and further investment of $600 million. This is a similar […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-388243","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/388243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=388243"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/388243\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=388243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=388243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=388243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}