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Woodside vetoes Lukoil entry into Senegal oil

Angela Macdonald-Smith

Woodside Petroleum will pay up to $US400 million ($557 million) to prevent Russian giant Lukoil from buying into its Senegal oil project, deciding to exercise its right to acquire the 40 per cent stake itself.

News of the deal comes just days after chief executive Peter Coleman flagged the oil and gas producer was "primed" to take advantage of M&A opportunities arising in the sector, and suggested the Senegal transaction was in its sights.

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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/woodside-vetoes-lukoil-entry-into-senegal-oil-20200817-p55mku