OIL & GAS

Australia’s FAR to sell entire Senegal project stake to India’s ONGC Videsh unit

Australia’s FAR Ltd said on Wednesday it will sell its entire stake in the Sangomar oil project offshore Senegal to a unit of Indian oil and gas firm ONGC Videsh Ltd for $45 million.

FAR said it expects to have about $130 million in cash at the close of the deal, which will be used to rebuild the company and further its other West African prospects offshore the Gambia and Guinea-Bissau.

Source
Reuters
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