Sunday, February 5, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Market Africa

Cairn sells Sangomar stake to Lukoil – News for the Oil and Gas Sector

July 27, 2020
in Africa
Cairn sells Sangomar stake to Lukoil – News for the Oil and Gas Sector
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Construction of Dangote oil refinery Africa’s largest nears completion

Oil tankers are making bizarre trips around the world as diesel glut hits

Uganda’s Ochanda wins global oil award

Russia’s independent Lukoil has struck a deal to pay $300 million to Cairn Energy for a 40% stake in a licence offshore Senegal.

The Russian company said it would pay the sum in cash, with another potential bonus payment of up to $100mn once production had started.

Cairn said Lukoil would also pay for costs incurred since January 1. Its share of the budget for 2020 is $330mn. The Scottish company intends to return at least $250mn to shareholders via a special dividend.

The deal requires various conditions to be met, including approval from the Senegalese government. Completion is expected in the fourth quarter of the year.

“The planned special dividend from the sale of the Sangomar asset reflects Cairn’s long-standing strict capital allocation strategy of active portfolio management and returning cash to shareholders,” said Cairn’s CEO Simon Thomson.

Cairn has a 40% stake in the Rufisque, Sangomar and Sangomar Deep (RSSD) licences. They cover 2,212 square km, around 80 km from shore. Water depths range from 800 to 2,175 metres.

On track

The partners have found two fields on the licences, Lukoil noted, Sangomar and FAN. While the commerciality of the latter is unclear, Sangomar is on course to start production in 2023. Partners took the final investment decision (FID) on the 100,000 barrel per day field in January this year.

Sangomar has recoverable reserves of around 500 million barrels of oil equivalent.

Lukoil’s president Vagit Alekperov said acquiring a project “with already explored reserves at early stage of their development is fully in line with our strategy and allows us [to reinforce] our presence in West Africa. Joining the project with qualified international partners will allow us to gain additional experience in development of offshore fields in the region.”

Australia’s Woodside is the operator of the area with a 35% stake, having bought the interest from ConocoPhillips. Minnow FAR has a 15% stake in the licences. The company has been unable to finance its share of spending on Sangomar and is in default. FAR is looking for a sale.

State-owned Petrosen has the remaining 10%.



Read More: Cairn sells Sangomar stake to Lukoil – News for the Oil and Gas Sector

Tags: CairnGasLukoilNewsoilSangomarsectorsellsstake

Related Posts

Construction of Dangote oil refinery Africa’s largest nears completion
Africa

Construction of Dangote oil refinery Africa’s largest nears completion

by Oil Market
July 31, 2020
0

Dangote oil Refinery, which is expected to be Africa’s largest oil refinery and the world’s biggest single-train facility upon...

Read more
Oil tankers are making bizarre trips around the world as diesel glut hits
Africa

Oil tankers are making bizarre trips around the world as diesel glut hits

by Oil Market
July 30, 2020
0

The Monte Toledo oil tanker in Algeciras, Spain, on March 6. Photo: Luke MacGregor | Bloomberg Text Size: ...

Read more
Uganda’s Ochanda wins global oil award
Africa

Uganda’s Ochanda wins global oil award

by Oil Market
July 29, 2020
0

The International Association of Oil & Gas Producers (IOGP) has presented the 2020 Outstanding Young Professional Award (OYPA) to...

Read more
Edinburgh oil firm to make big payouts to shareholders after $400m West
Africa

Edinburgh oil firm to make big payouts to shareholders after $400m West

by Oil Market
July 28, 2020
0

CAIRN Energy is set to capitalise on opportunities created by the slump in oil and gas prices after agreeing...

Read more
Nigerian Regulators Trade Blame As Killer Fuels Dominate Country’s Oil
Africa

Nigerian Regulators Trade Blame As Killer Fuels Dominate Country’s Oil

by Oil Market
July 26, 2020
0

While various scientific research results have linked annual deaths of more than 100,000 Nigerians to air pollution, partly caused...

Read more
Oil Musters Weekly Gain With Weak Dollar Outweighing Demand Woes
Africa

Oil Musters Weekly Gain With Weak Dollar Outweighing Demand Woes

by Oil Market
July 25, 2020
0

(Bloomberg) -- Oil edged higher with a weaker dollar overshadowing signs of a slowing global economic recovery. Load Error...

Read more
Next Post
Global Crude Oil Refinery Market Research Report: Know Market Dynamics,

Global Crude Oil Refinery Market Research Report: Know Market Dynamics,

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Fortified Edible Oil Market Size, Share 2020 Analysis and Growth Forecast

Fortified Edible Oil Market Size, Share 2020 Analysis and Growth Forecast

3 years ago
Winners of Japan Olive Oil Prize competition announced

Winners of Japan Olive Oil Prize competition announced

3 years ago
The oil price in rand is exploding

The oil price in rand is exploding

3 years ago
Analysis | Libya’s war becomes a global scramble for power and prestige

Analysis | Libya’s war becomes a global scramble for power and prestige

3 years ago
Qatar energy minister weighs in on Saudi oil price war

Qatar energy minister weighs in on Saudi oil price war

3 years ago
Hair Oil Market Segmented by Technology, Component, Industry Size and

Trending Report | Castor Oil Market Subdivision, Forthcoming Developments,

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com