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MARKETS

Cairn to sell Senegal stake to Lukoil

IN AN overnight surprise for those watching the Australian market, the first move out of the offshore Senegal project Sangomar isn’t ASX-listed FAR Limited, or even its larger peer Woodside Petroleum, but Cairn Energy.

Helen Clark
Lukoil replaces Cairn in 230MMbbl offshore Senegal project

Lukoil replaces Cairn in 230MMbbl offshore Senegal project

The UK company is selling its share of the development to Russia's Lukoil for up to US$400 million, split into $300 million cash and another contingent payment of up to $100 million predicated on the project...

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