Australia’s FAR says it has a good interest in shares in the Senegal oil project
July 31, 2020
Australia’s FAR Ltd has announced it will divest a 15 percent stock in Singapore’s $ 5.2 billion Sangomar oil and gas project.
The FAR said that it could not pay off its debt of more than $ 300 billion in stocks after the collapse of world oil and gas prices due to the outbreak of the Covid-19 epidemic virus.
The company relinquished its stock in the project in June for less damage and more cash savings.
CEO Cath Norman said that over time and the imbalance in global markets, the FAR will lose its ability to finance, and as a result, the possibility of selling part of the stock is reasonable.
Following these events, the FAR stated that in 2021 is looking for a partner to invest in its Gambain assets, before the start of drilling operations.
