Woodside wraps up acquisition of FAR’s interest in the Senegal RSSD project

1021

Woodside Energy has acquired FAR Limited’s entire interest in the Senegal RSSD joint venture (JV) for approximately US$181 million.

The acquisition increased Woodside’s participating interest in the RSSD joint venture to 82% for the Sangomar exploitation area and to 90% for the remaining RSSD evaluation area.

Woodside Acting CEO Meg O’Neill said the company intends to sell down its participating interest in the JV to approximately 40-50% in the second half of 2021.

“The continued safe execution of the Sangomar project is a key priority for Woodside in 2021,” she continued.

Adertisement

“A major milestone is expected tomorrow with the arrival of the Ocean BlackRhino drillship in preparation for commencement of development drilling next week.”

The Sangomar field, containing both oil and gas, is located 100 kilometres south of Dakar. Work on the Sangomar Field Development commenced in early 2020 and first oil production is targeted in 2023.

The Sangomar Field Development Phase 1 will comprise a stand-alone floating production storage and offloading (FPSO) facility with a production capacity of approximately 100,000 barrels per day, 23 subsea wells and supporting subsea infrastructure.

“The construction of the floating production storage and offloading facility, which is a converted oil tanker, is well underway and we are receiving delivery of subsea equipment in Senegal,” Ms O’Neill said.

“Sangomar is a world-class resource which will deliver near-term production and revenue for Woodside. We are targeting first oil in 2023,” she said.

Image credit: https://brandguidelines.woodside.com.au/brand-style/photography