FAR and RSSD joint venture approves Sangomar field development

FAR Ltd (ASX:FAR) and its partners that form the RSSD joint venture have approved the Sangomar Field Development Phase 1 in Senegal.

The RSSD has now entered the execute phase of activities for Sangomar, which is one of the largest offshore oil discoveries of the last 10 years.

This approval follows the grant of the Exploitation Authorisation by the Government of Senegal last week.

First oil targeted in early 2023

The field will be developed in a series of phases, with first oil targeted in early 2023.

Phase 1 of the development will target an estimated 231 million barrels of oil resources from the lower, less complex reservoirs, and an initial pilot phase in the upper reservoirs.

This project is expected to make FAR one of the largest ASX-listed oil producers.

Woodside operator of RSSD JV

The Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) JV comprise a subsidiary of Woodside Petroleum Limited (ASX:WPL), a subsidiary of Cairn Energy PLC (LON:CNE), FAR Ltd and Petrosen (the Senegal National Oil Company).

Woodside, as JV operator, has executed a purchase contract for the floating production storage and offloading (FPSO) facility and issued notices to proceed for the drilling and subsea construction and installation contracts.

Project contractors

Key contractors are:

  • MODEC, Inc for the purchase of an FPSO with an oil processing capacity of 100,000 bbl/day;
  • Subsea Integration Alliance (a non-incorporated alliance between Subsea 7 and OneSubsea) for the construction and installation of the integrated subsea production systems and subsea umbilicals, risers and flowlines; andRead More – Source