Woodside Nears Final Investment Decision on Senegal Oil Project

By Robb M. Stewart

MELBOURNE, Australia -- Woodside Petroleum Ltd. (WPL.AU) said it has submitted the last major regulatory paperwork on a planned oil development in Senegal, potentially clearing the way for the oil company and its partners to make a final investment decision later this month.

In a statement Tuesday, Woodside said the development plan and exploitation authorization request were handed to Senegal's government, the final documents needed by authorities before granting approval to proceed.

The plan outlines how the Sangomar oil field will be developed and will benefit the joint venture and the people of Senegal.

The first phase of the Sangomar development includes a stand-alone floating production, storage and offloading facility with 23 subsea wells. The facility is expected to have a capacity of 100,000 barrels a day, with the first oil produced in early 2023, Woodside said. The first phase will target an estimated 230 million barrels of oil.

The project is designed to allow for it to be integrated into further developments, including gas exports to shore, Woodside said.

Woodside is the operator of the Sangomar development, partnering with a subsidiary of Cairn Energy PLC (CNE.LN), FAR Ltd. (FAR.AU) and the Senegal National Oil Co., or Petrosen.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

December 02, 2019 16:56 ET (21:56 GMT)

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