![ONGC Videsh inks doc to acquire FAR stake in Senegal blocks](https://media.newstracklive.com/uploads/business-news/economy/Nov/11/big_thumb/ONGC_5fab8bb99cbf4.jpg)
ONGC Videsh (OVL) through its wholly-owned subsidiary has signed definitive binding agreements with Australia’s FAR for acquiring 13.67 percent participating interest in the exploitation area of Sangomar field and 15 percent participating interest in the remaining contract area of Rufisque, Sangomar Offshore and Sangomar Deep Offshore (RSSD) Block in Senegalese offshore.
Woodside Energy (Senegal) BV (Woodside), Capricorn Senegal Ltd (Cairns) and Le Société des Pétroles du Sénégal (Petrosen - the national oil company of Senegal) are other partners in the RSSD Block.
The Sangomar Field, currently under development, is located in the deep waters of Mauritania, Senegal, Gambia, Guinea-Bissau and Guinea-Conakry Basin (MSGBC Basin), Offshore Senegal, covering an area of 772 sq. km. It is planned to go on production in 2023 under Phase-1 development. "The acquisition involves an upfront consideration of USD 45 million with customary adjustments including the opening working capital as of 1st January 2020 and the cash calls paid or to be paid from January 2020 onwards until completion (excluding any default interest paid / payable by FAR for any delay in cash call payments).
This shall be payable upon completion; and (ii) Contingent payments payable annually depending upon the Brent Oil price from First Oil until the earlier of 3 years from First Oil or 31st December 2027. The total investment involved including the development cost until the first oil is expected to be around USD 600 Million," ONGC said in a release.
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