Woodside Petroleum and Noble Energy sign deal to explore offshore Gabon

offshore-gabon 3An unnamed analyst said that Woodside Petroleum was adopting a risky strategy of looking abroad for growth, rather than making their West Australian assets more efficient and reaping the rewards. (Image source: Berardo62/Flickr)Australia's Woodside Petroleum and the USA's Noble Energy have signed an agreement to explore a deepwater prospect off the coast of Gabon

The Australian explorer has bought a 40 per cent stake in an exploration, exploitation and production acreage offshore the West African country, with Noble Energy owning the remaining 60 per cent stake.

Woodside Petroleum, however, did not disclose the value of the deal.

Peter Coleman, chief executive of Woodside Petroleum, said, “The deal is an opportunity for the company to secure significant acreage in an emerging oil-prone province with a ‘like-minded and experienced partner’.

“This is yet another exciting opportunity for us in Africa, building on recent acquisitions in Tanzania and Morocco.”

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