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Trouble for Woodside as Lukoil bids for FAR

Angela Macdonald-Smith
Angela Macdonald-SmithSenior resources writer

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Russian oil giant Lukoil has lobbed a non-binding takeover bid for junior oil explorer FAR, emerging once again as a potentially troublesome partner for Woodside Petroleum in its $5.5 billon oil project in Senegal.

Lukoil, which Woodside has already once pre-empted from buying into the Sangomar project, made a conditional 2.2¢ per share cash offer for FAR just a day before shareholders of the explorer were due to vote on the proposed sale of FAR’s interest in Sangomar to Woodside. The offer values FAR at $220 million.

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Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables. Connect with Angela on Twitter. Email Angela at amacdonald-smith@afr.com

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    Original URL: https://www.afr.com/companies/energy/trouble-for-woodside-as-lukoil-bids-for-far-20210217-p573dv