LONDON – Bracewell LLP, a leading law and government relations firm, represented its client Impact Oil & Gas Ltd on the farm-out to CNOOC UK Limited (CNOOC) of a 65 percent participating interest in the AGC Profond block, located in the offshore joint development zone between Senegal and Guinea-Bissau.
The transaction closed on 23 March 2017. CNOOC, the largest producer of offshore crude oil and natural gas in China, is now the operator with 65 percent interest, while Impact holds 20 percent and Entreprise AGC SA, an entity owned by Senegal and Guinea-Bissau, holds 15 percent.
“Having advised Impact on the award of this production sharing contract in 2014, we are delighted to have been able to assist the company in continuing to deliver on its strategy of building an attractive group of exploration assets and securing major oil companies as partners,” Partner Ben James commented on the transaction. “Senegal/Guinea-Bissau/Mauritania is an exciting new hydrocarbon region in West Africa and we wish the CNOOC/Impact/Entreprise joint venture every success with the ongoing exploration on the AGC Profond Block.”
Bracewell's London office is solely dedicated to the energy sector, focusing on mergers and acquisitions, joint ventures, finance and project development transactions in the oil, gas and power industries.
At the hub of our European and emerging markets practice, our London-based lawyers represent many of the world’s leading energy companies on global projects and have assisted multinational companies, banks and governments on projects in every continent.
The team’s oil and gas experience includes advising on all segments of the industry, from upstream exploration and production, to midstream pipelines, transportation and storage, including LNG, and downstream refining and marketing. Our lawyers have also advised on complex and large-scale petrochemicals projects.
Bracewell lawyers involved in the transaction included:
Partner: Ben James
Senior Associates: Adam T. Waszkiewicz