Woodside Responds to FAR's Request for Arbitration

Source: www.gulfoilandgas.com 6/21/2017, Location: Africa

The Republic of Senegal’s Minister of Energy and the Development of Renewable Energy has issued an arrete ministeriel (Ministerial Order’ which provides further confirmation of Woodside’s participation in the Rufisque, Sangomar and Sangomar Deep Joint Venture (RSSD JV).

Woodside also notes the announcement by FAR Limited (FAR) on 20 June 2017 that FAR has made a request to the International Chamber of Commerce to commence arbitration proceedings in relation to FAR’s asserted right to pre-empt the sale of ConocoPhillips’ interest in the RSSD JV to Woodside.

Woodside does not believe that FAR’s claim has any merit. As FAR has apparently initiated arbitration proceedings, Woodside does not intend to make any further comment on the arbitration proceedings at this stage.

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