Senegal President Macky Sall has chosen to rename the Woodside Petroleum-operated SNE development, located 100 kilometres offshore to the south of the capital Dakar, as the Sangomar field “to better reflect its association with the people of the Senegal”,
Australian independent Woodside operates Sangomar with a 35% stake alongside UK explorer Cairn Energy 40%, Australian junior FAR Ltd 15% and state-owned Petrosen 10%.
The surrounding acreage, combining parts of several former blocks, is known as the Rufisque-Sangomar-Sangomar Deep (RSSD) licence where the SNE find was made on the Sangomar Deep five years ago this month, refocusing attention on the Mauritania-Senegal-Gambia-Guinea-Bissau-Conakry (MSGBC) basin.
Sangomar is the geographical name for an island located at the southern point of the so-called Petite Cote, the coastline that runs south from Dakar, home to the Serer people and part of the Saloum Delta National Park, an eco-paradise of sandy islets, mangrove-lined creeks and woodlands.
Entering into the spirit of this change of nomenclature, Woodside partner FAR highlighted that “the Sangomar field development will deliver key benefits to the country via revenue generated throughout the life of the project, vital for the country’s 2030 Emergent Plan for development”.
The Sangomar field development will generate up to $4 billion of direct revenue for the government during the first development phase in addition to revenue resulting from state-owned Petrosen’s equity participation, FAR said.
Joint venture partners Woodside, Cairn and FAR are still aiming for a final investment decision by the end of the year, with Woodside chief executive Peter Coleman meeting Sall last week to iron out the remaining obstacles.
With five billion barrels of oil in place, phase one will target 230 million barrels of oil and a peak gross output of 100,000 barrels per day, while phase two promises an additional 253 million bpd.
All phases combined may develop an estimated 643 million bpd of oil equivalent, according to FAR – “and tremendous upside in the field remains from improved recovery factors”.
Source: Upstream Online