Australian oil and gas company FAR said that Russia's Lukoil will not be making a legally binding takeover offer, meaning Woodside is back in the driver's seat to secure FAR's interest in the Senegal RSSD project.

FAR last month received a conditional non-binding indicative proposal from Lukoil to acquire FAR for about A$220 million.

Sign up for our new energy transition newsletter

Gain valuable insight into the global oil and gas industry's energy transition from Accelerate, the new weekly newsletter from Upstream and Recharge. Sign up here

Lukoil's motivation was FAR's 13.67% interest in the Sangomar exploitation area containing the Sangomar oilfield, and 15% interest in the RSSD contract area outside the Sangomar exploitation area.

FAR said today it has been advised by Lukoil that the Lukoil proposal is not proceeding to a legally binding offer.

"FAR has convened a shareholders meeting on 15 April 2021 to consider approving the sale of its interest in the Senegal RSSD project to Woodside. The FAR directors continue to support the Woodside sale."

FAR added that if a takeover offer from Remus Horizons PCC or any alterative offer emerges, the directors will update shareholders accordingly and may reconsider their recommendation.