January 21, 2020 / 11:41 PM / 6 months ago

UPDATE 1-Australia's FAR inks marketing deal with Glencore for Senegal's Sangomar project

(Adds Sangomar project background, arbitration details)

Jan 22 (Reuters) - FAR Ltd said on Wednesday it signed a binding agreement with Glencore Plc to market the Australian company's share of crude oil from the $4.2 billion Sangomar project in Senegal.

The Africa-focused oil explorer will let Glencore market a minimum of 20 million barrels of oil for seven years.

It follows FAR lining up funding of $300 million for the development of its interest in the Sangomar field from parties that included Glencore.

FAR also said the International Chamber of Commerce had approved the draft award in its long-running dispute with Woodside Petroleum over the right to pre-empt the sale of ConocoPhillips' stake in their joint venture to Woodside.

Melbourne-based FAR holds a minority share in the joint venture that owns the project, which is operated by Woodside. The JV also includes Cairn Energy Plc and Senegal's state-owned Petrosen. (Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Chris Reese and Maju Samuel)

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