Explainer: Australian minnow Far battles Woodside over West African oil spoils [Reuters]
WOODSIDE PETROL LTD S/ADR (WOPEY)
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Source: Reuters
Explainer: Australian minnow Far battles Woodside over West African oil spoils MELBOURNE (Reuters) - A long-running dispute between two Australian partners in an oil field off Senegal is set to be resolved this month, just as the companies look to sign off on a $4.2 billion plan to develop the West African nation’s first oil project. Oil minnow Far Ltd has been mired in a bitter row over the acquisition by Woodside Petroleum of a 35% stake in the Sangomar oil field from ConocoPhillips for $350 million in 2016. Far went to the International Chamber of Commerce in Paris in June 2017 seeking arbitration to resolve the dispute. A ruling is due by Dec. 28. For Woodside the Sangomar project, formerly known as SNE, is key to boosting its output from 2023, ahead of two mega projects in Australia. For minority partner Far, which discovered the field in the largest oil find of 2014, the development is set to be a company-maker. Far contends it was not allowed to exercise its right to pre-empt t
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