Russia’s Lukoil has abandoned its attempt to join RSSD, the joint venture set up to develop the Sangomar block offshore
Lukoil, Russia’s largest privately owned oil operator, had offered earlier this year to pay AUD220mn (
Its decision clears the way for Australia’s Woodside Energy, the operator of RSSD, to proceed with its acquisition of FAR’s minority stake in the consortium. FAR said in its statement that its board of directors still favoured the plan to sell this asset to Woodside on the same terms proposed last November by ONGC Videsh Vankorneft, a subsidiary of India’s
Lukoil has tried once before to acquire a stake in the RSSD group. It arranged to buy the 40% stake held by
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