Woodside seals Cameroon JV deal

Woodside has reached an agreement with Noble Energy and Glencore that will see the Australian petroleum exploration and production company farm resources off the coast of Cameroon.

Woodside acquires a 30 per cent non-operating interest in the Tilapia Production Sharing Contract, which will operate south-west off the Cameroon coast.

The joint venture plants to drill the Cheetah exploration well in 2015. Noble energy retains a 46.67 per cent interest, while Glencore picks up the remaining 23.33 per cent.

“As part of our global exploration portfolio build, our entry into the Tilapia PSC gives us exposure to an emerging play in a proven basin with an exciting near-term drilling opportunity," Woodside chief executive Peter Coleman said.

The deal follows Woodside's acquisition in July of African acreage in the countries of Gabon, Tanzania and Morocco.