Business
Woodside in ‘no-brainer’ Senegal oil deal – The Australian Financial Review
Woodside has stepped in to prevent India’s ONGC buying a stake in its $US4.2 billion Senegal oil project, agreeing to purchase the holding itself.
Still, JPMorgan’s Mark Busuttil noted that it will increase Woodside’s capex burden by about $US600 million to cover a greater share of the construction budget,
Woodside has been seeking to reduce its stake in Sangomar to 40-50 per cent, and the latest deal gives it a bigger interest to offer to potential bidders but also increases the sell-down task in a market with heightened uncertainty around future demand and prices for oil, and around appetite for oil production assets.
Mr Busuttil said it…
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