A long-running dispute between two Australian partners in an oil field off Seneg...
MELBOURNE - 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.
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. Woodside Chief Executive Peter Coleman has called the claim “frivolous”, while ConocoPhillips said it had complied with all applicable laws and the venture’s Joint Operating Agreement.
Even if the arbitration did clear the way for Far to buy Woodside’s stake, the minnow, with a market capitalisation of A$289 million , would be hard-pressed to stump up the cash for the stake.
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