FAR Ltd. has announced that it is in disagreement with ConocoPhillips’ sale of three exploration blocks offshore Senegal to Australian energy company Woodside.

Let us be reminded that last week ConocoPhillips said it has finalized the sale of 35% interest in three exploration blocks; Rufisque, Sangomar and Sangomar Deep, which contains the SNE and FAN deep-water oil discoveries, offshore Senegal to Woodside at a total sales price of about $440 million, including net customary adjustments of about $90 million.

However, FAR has said that the transaction between the two companies was subject to approval from the Senegalese government and the rights of partners to preempt. The oil and gas exploration and production company added that it believes that a valid pre-emptive rights notice has not been hand out to the JV partners by ConocoPhillips and FAR has invoked its right to resolve the dispute in line with the Joint Operating Agreement.

So while ConocoPhillips’ executive vice president of Strategy, Exploration and Technology confirmed the conclusion of the transaction and that the company had a cooperative relationship with the Senegalese government, FAR is stating that it was unaware that the Senegalese Government approved the transaction, Offshore Energy Today reports.

“FAR continues to reserve its rights,” the company said.

The other partners in the Rufisque, Sangomar and Sangomar Deep blocks are FAR Ltd with 15% working interest, Cairn Energy with 40% interest, and the Senegalese National Oil Company, Petrosen with 10% interest.

Anita Fatunji