Woodside, Partners Review Oil Project Offshore Senegal

In light of the coronavirus restrictions and drop in oil prices posing a risk for oil projects globally, Woodside Petroleum, Cairn Energy Plc, FAR Ltd. and the government of Senegal have shown concern over their $4.2 billion Sangomar oil project offshore Senegal and are currently discussing the projected time frame of the project.

The offshore oil project – Senegal’s first oil development – is critical to Woodside’s growth plans over the next seven years. Woodside and its partners recently started developing the offshore oil project and received a final investment decision (FID) in January, with the aim to start production in 2023.

“In taking a positive FID in January, we considered short-term price fluctuations and long-term forecasts. However, with the recent COVID-19 implications on markets, our contractors and government, it is prudent to take stock on significant emerging delivery uncertainties,” Woodside commented.

“Disruptions caused by the COVID-19 pandemic and the crash in oil price are presenting challenges to our debt process,” said a representative from FAR, the exploration company that discovered the Sangomar field in 2014.

FAR currently has no other projects underway.

Share This Article

Share on twitter
Share on facebook
Share on linkedin
Share on reddit
Share on whatsapp
Share on email

Other Reads

Shuaib Van Der Schyff

Shuaib Van Der Schyff

Subscribe below to stay in touch about the latest news and event updates

X
X