Woodside are divesting part of their 82% participating interest in the Sangomar development in Senegal. The venture took the final investment decision on Phase-1 in January 2020. Execution is underway with the FPSO and development drilling contract awarded and first oil estimated 2023.
RISC has evaluated Sangomar (formerly SNE) several times since the SNE-1 discovery in 2014. Following our resource assessment for FAR in 2016, the then Operator Cairn Energy increased their resource estimates toward RISC’s higher estimates. We updated our evaluation after SNE-2 and 3 increasing the 2C estimate 20% to 561 MMbbl oil. We updated our assessment again after seven appraisal wells.
Woodside bought ConocoPhillips 35% interest in SNE for US$440 million in 2016 and further increased it’s interest through acquisition of Cairn Energy and FAR’s interest in 2020/2021.
The development has subsea wells tied to a 100,000 bpd FPSO in 800m water depth, 75 km offshore. The FPSO is expected to have capacity for further phases of development and options for gas export. Phase-1 with 23 wells targets 230 MMbbl oil. Woodside’s 2020 annual report assign a further 233 MMbbl oil and 235 Bscf raw gas to subsequent phases of development.
RISC has extensive knowledge of Sangomar and is available to assist any parties interested in acquiring an interest.
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