Woodside Petroleum eyes new hub with $US8b Senegal oil project

Not sure if posted before, interesting bits below.. I think Goliath has underestimated David..

http://www.copyright link/business/...with-us8b-senegal-oil-project-20160819-gqx10m

Woodside Petroleum eyes new hub with $US8b Senegal oil project

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"We like it because it does have that added potential in it and it fits very nicely in what we can do and bring to the joint venture," Mr Coleman said in an interview.

"It's a nice hub for us."

Woodside is entering the Senegal venture by buying out ConocoPhillips's stake for $US430 million, a price that was widely considered low as it equates to just $US2.20 per barrel of estimated recoverable oil. The favourable price for Woodside raised some speculation that the existing partners may exercise their rights to pre-empt the sale, but Cairn signalled last week it was happy to see Woodside take the stake, while 15 per cent partner FAR Ltd, an ASX-listed junior explorer, would struggle to match the price which is bigger than its total market value.

Mr Coleman said on the first-half earnings teleconference on Friday that the only outstanding approval for the deal, which should complete this year, lay with the Senegalese government.
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