Aug 17 (Reuters) - Australia's Woodside Petroleum WPL.AX on Monday exercised its right to match Russia's Lukoil's LKOH.MM offer to buy Cairn Energy 's CNE.L entire stake in the $4.2 billion Sangomar oil project in Senegal.
Woodside will make an upfront payment of $300 million, along with contingent payments of up to $100 million, which will be funded from its current cash reserves, it said in a statement.
The acquisition takes Woodside's interest in the Rufisque, Sangomar and Sangomar Deep offshore joint venture to 68%.