Offshore staff
PERTH, Australia – The International Court of Arbitration of the International Chamber of Commerce has ruled in favor of Woodside Energy in a dispute concerning developments offshore Senegal.
Melbourne-based independent FAR initiated the arbitration, claiming a pre-emption right over Woodside’s 2016 transaction with ConocoPhillips to secure a 35% interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture.
However, the Tribunal rejected this and FAR’s other claims. It has ordered the two parties to respond on the next procedural steps arising from the decision within 45 days.
Woodside says that as operator, it is committed to working with the RSSD joint venture to progress the Sangomar field development, which was approved last month.
The Tribunal also ruled that that it did not have authority to determine the consequences of a letter sent to FAR in July 2016 by ConocoPhillips Petroleum Holdings BV advising FAR of its pre-emption right over such sale of shares.
FAR said it would analyse the award and assess its position.
02/14/2020
