Australian oil and gas major Woodside has exercised its pre-emptive rights over joint venture (JV) partner Cairn Energy’s entire participating interest in the Sangomar offshore and Sangomar deep offshore (RSSD) contract area, offshore Senegal.
Cairn in July this year struck a deal with Russian producer LukOil to divest of its 40% interest in the RSSD project for a cash consideration of up to $400-million, plus the reimbursement of development capital expenditure incurred since January 2020.