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Woodside Says It's on the Lookout for Acquisitions

August 12, 2020

(Photo: Woodside)

Australia's Woodside Petroleum (WOPEF) is looking for acquisitions, ideally close to its existing assets or offering it control over assets that are already producing or close to producing, its boss said on Thursday.

"We're clearly scanning the landscape very closely looking for opportunities," Chief Executive Peter Coleman told analysts on a conference call.

He said the company does not want to acquire assets that would require heavy capital spending as it already has undeveloped world-class assets.

Coleman said the company has another week and a half to decide whether to match a $400 million offer by Russia's Lukoil for Cairn Energy (CRNZF)'s 40% stake in the Rufisque, Sangomar and Sangomar Deep (RSSD) contract area off Senegal.

(Reporting by Sonali Paul Editing by Shri Navaratnam)

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