ConocoPhillips Hits Snag in Senegal Deepwater Stake Sale to Woodside
ConocoPhillips' plan to sell its stake in an oil find off Senegal to Woodside Petroleum hit a speed-bump on Tuesday as a junior partner attempted to buy time to pre-empt the deal at the same time it announced an increase in the size of the field. ConocoPhillips agreed in July to sell its 35 percent stake in the deepwater SNE field offshore Senegal to Woodside for up to $430 million.
Update on Noreco's Danish Licences
As previously reported, Norwegian Energy Company ASA’s (Noreco) Danish subsidiary was in January prevented from making payments for its share of production costs at the Nini field, and it was consequently in breach of the licence agreement. As this situation was not remedied as of 21 March 2015, the other partners may now claim Noreco’s 30 per cent interest in the licence without any consideration.