On 31st March, FAR announced that it had entered into an Area of Mutual Interest Agreement with Chinese state giant CNOOC for the joint co-operation on the evaluation of and entry into new opportunities across Senegal and The Gambia.
This follows on FAR’s farm-in to 80% of Blocks A2 and A5 in Gambia from Erin Energy earlier this week.
The announcement on the arrangement with CNOOC follows:
“FAR has signed an Area of Mutual Interest (“AMI”) agreement with CNOOC UK Limited (“CNOOC UK”). The AMI covers selected licences offshore Senegal and The Gambia within the designated area.
The AMI provides FAR and CNOOC UK with agreed arrangements to partner in evaluating, bidding, negotiating and managing joint ventures on farm-in and open acreage opportunities for oil and gas licences. The AMI agreement period is for two years.
In combination, FAR and CNOOC UK bring together expertise of the Mauritania-Senegal-Guinea-Bissau (“MSGB”) offshore basin and the capabilities of an international deep water operator.
FAR and CNOOC UK are committed to building long term strategic relationships with the host Governments of Senegal and The Gambia and their people.
This agreement positions FAR to further expand its portfolio and establish itself as one of the major players in the rapidly emerging MSGB Basin – a basin that is increasingly attracting the attention of the world’s oil “majors”.
CNOOC UK Limited is a subsidiary of CNOOC Limited which (together with its subsidiaries) is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world.”
Related Links
- FAR signs strategic AMI Agreement with CNOOC UK Limited
- FAR expands exploration portfolio in West African hot spot – Secures 80% stake in high potential offshore blocks in The Gambia
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