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Australia's FAR inks marketing deal with Glencore for Senegal's Sangomar project

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01/22/2020 | 02:22am EST
The logo commodities trader Glencore is pictured in Baar

FAR Ltd said on Wednesday it signed a binding agreement with Glencore Plc to market the Australian company's share of crude oil from the $4.2 billion Sangomar project in Senegal.

The Africa-focused oil explorer will let Glencore market a minimum of 20 million barrels of oil for seven years.

It follows FAR lining up funding of $300 million for the development of its interest in the Sangomar field from parties that included Glencore.

FAR also said the International Chamber of Commerce had approved the draft award in its long-running dispute with Woodside Petroleum over the right to pre-empt the sale of ConocoPhillips' stake in their joint venture to Woodside.

Melbourne-based FAR holds a minority share in the joint venture that owns the project, which is operated by Woodside. The JV also includes Cairn Energy Plc and Senegal's state-owned Petrosen.

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Chris Reese and Maju Samuel)

Stocks mentioned in the article
ChangeLast1st jan.
CAIRN ENERGY -2.39% 171.6 Delayed Quote.-14.24%
DOW JONES AFRICA TITANS 50 INDEX -0.10% 527.38 Delayed Quote.-2.09%
FAR LIMITED 0.00% 0.031 End-of-day quote.-29.55%
GLENCORE 2.61% 232 Delayed Quote.-3.93%
LONDON BRENT OIL 2.90% 59.3 Delayed Quote.-13.27%
S&P AFRICA 40 INDEX 0.28% 166.08 Delayed Quote.-4.99%
WOODSIDE PETROLEUM LTD 1.06% 33.23 End-of-day quote.-4.51%
WTI 2.50% 53.4 Delayed Quote.-16.22%
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