Total
0
Shares
Woodside Petroleum (ASX:WPL) receives exploitation authorisation for Sangomar oil field JV
  • 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.


Subscribe


WPL by the numbers
More From The Market Herald
Clinuvel (ASX:CUV) - Managing Director & CEO, Philipe Wolgen - The Market Herald

" Clinuvel Pharmaceuticals (ASX:CUV) slashes half-yearly profits by 74 per cent

Skincare treatment big-cap Clinuvel Pharmaceuticals (CUV) slumped today after slashing half-yearly profits by 74 per cent.
PolyNovo (ASX:PNV) - CEO, Paul Brennan - The Market Herald

" PolyNovo’s (ASX:PNV) share price drops despite increasing profit by 80pc

PolyNovo (PNV) was down more than 16 per cent this morning despite delivering an 80 per cent increase in half-year revenue.
Appen (ASX:APX) - CEO, Mark Brayan - The Market Herald

" Appen (ASX:APX) beats earnings guidance, outperforms a weak market

Data annotation and artificial intelligence specialist Appen (APX) has soared today after beating its earnings guidance for 2019.
Blackmores (ASX:BKL) - CEO, Alastair Symington - The Market Herald

" Blackmores (ASX:BKL) profit drops by 47pc

Blackmores (BKL) is down slightly on the market today after revealing that its underlying net profit had fallen by 47 per cent to