The project, known as the Sangomar Field Development Phase 1, includes the floating production storage and offloading (FPSO) facility Léopold Sédar Senghor moored approximately 100km offshore, capable of handling 100,000 barrels per day.
It also features extensive subsea infrastructure, designed to allow subsequent development phases. The development includes 23 wells, consisting of production, water injection, and gas injection wells, with 21 already drilled and completed. An additional production well has also been sanctioned.
“This is an historic day for
The Sangomar project is been a collaborative effort involving Senegalese oil company PETROSEN, the Government of
In the press release, O’Neill was keen to point out that the delivery of Senegal’s first offshore oil project came amidst global challenges. PETROSEN E&P’s General Manager
“This achievement is the result of the unwavering commitment of our teams, who have worked diligently to overcome challenges and meet our strategic objectives in a complex and demanding environment. We have never been so well positioned for opportunities for growth, innovation, and success in the economic and social development of our nation,” he said.
Woodside, holding an 82% stake in the venture, alongside PETROSEN’s 18%, has maintained the project’s cost estimate within the
Oil & gas audit
President Bassirou Diomaye Faye – at 44, Africa’s youngest head of state – said in a televised address on his second day in office in April that he was committed to protecting both investor rights and those of the nation, where about a third of the people live in poverty, according to the
The former tax inspector promised an audit of the oil, gas, and mining sectors just as Senegal’s oil and gas sector is due to see a huge boost with the impending start of the Sangomar offshore project, led by
A change by the new nationalistic government to impose less generous fiscal terms would reduce underlying profits and therefore dividends in 2025 and 2026, Citigroup energy analyst
Currently,
“Oftentimes frontier markets that undertake this sort of a change after an election see the original rhetoric watered down after industry consultation, but ultimately governments secure a bigger share of the pie,” Byrne said.
“Our view is that there is a dividend ‘cliff’ coming as Woodside’s earnings decline into 2026 before Scarborough [gas project in
“So it may exacerbate the dividend cliff that we are already forecasting.”
©2024 bne IntelliNews
, source