London—Dentons has advised ONGC Videsh, a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (the national oil company of India) on its acquisition from Australia’s FAR Limited of FAR’s entire 13.667% interest in the Sangomar Field exploitation area, offshore Senegal.
The Sangomar Field, is located in the deep waters of Mauritania, Senegal, Gambia, Guinea-Bissau and Guinea-Conakry Basin covering an area of 772 sq. kms and is set to be Senegal’s first multi-phase oil and gas development, with production currently planned for mid-2023.
The acquisition also includes FAR’s entire 15% interest in the remaining PSC exploration area for the Rufisque, Sangomar Offshore and Sangomar Deep Offshore block and is subject to certain conditions precedent being satisfied. On successful completion of the transaction ONGC would enter into the joint venture with Woodside, Capricorn Senegal (as subsidiary of Cairn Energy PLC) and Petrosen (the national oil company of Senegal).
UK Energy partner Danielle Beggs said, “We are delighted to have assisted our longstanding client ONGC Videsh in signing this deal which, on completion, would assist ONGC with its strategic objective of adding high impact exploration and near-term production assets to its existing E&P portfolio.”
The transaction was led by partner Danielle Beggs and associate Michael Walton with assistance from associate Liam O’Flynn in London and Energy Regulatory partner Leila Hubeaut and associate Ergen Ege from Dentons’ Paris office.
