- The Senegalese Government has given Woodside Petroleum (WPL) the green light for the Sangomar oil field development
- The government approved the joint venture development plan and granted the exploitation authorisation
- Sangomar is a joint venture between operator Woodside, Cairn Energy Senegal, Far Limited and Petrosen
- The partners are targeting first oil by early 2023 which would make it the first offshore oil development in Senegal
- Shares in Woodside are down 1.08 per cent today, trading for $35.75 each
The Senegalese Government has given Woodside Petroleum (WPL) the green light for the Sangomar field development joint venture.
The government approved the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore joint venture Exploitation Plans and granted the Exploitation Authorisation for the Sangomar Field Development.
Development of Sangomar is still subject to the final execution of the Host Government Agreement with the Government of Senegal in addition to the approval and award of key contracts.
Woodside is aiming for the project to reach production by 2023, which would make it the first offshore oil development in Senegal.
The development concept is for a stand-alone floating production storage and offloading facility with 23 subsea wells.
This would have an estimated production capacity of 100,000 barrels per day and be able to process the oil onsite before exporting it to market via tankers.
Woodside is the operator of the joint venture and holds 35 per cent interest in the Sangomar development.
Joint venture partners, Cairn Energy Senegal holds 40 per cent interest, Far Limited holds 15 per cent and Senegal's national oil company Petrosen holds 10 per cent.
Shares in Woodside are down 1.08 per cent today, trading for $35.75 at 1:40 pm AEDT.