Woodside Petroleum has submitted final development plans for the Sangomar oil field to the Senegal Government, paving the way for the four partners to proceed with final investment decisions.
The WA group, the operator and 35 per cent stakeholder in the field, said the development plan and authorisation request were the last major regulatory submissions required before the participants made investment decisions this year.
The partners envisage developing Sangomar, in deep waters 100km off Dakar, in stages via a floating production and offloading vessel. The first phase will target 230 million barrels, with first oil targeted for early 2023.
Melbourne-based FAR, which discovered Sangomar in 2014 and has a 15 per cent stake, said the development would transform the company into one of Australia’s biggest listed energy companies.
FAR has challenged Woodside’s acquisition of its 35 per cent interest in the project from ConocoPhillips three years ago, claiming pre-emptive purchase rights were not honoured.
The matter is being argued in the International Court of Arbitration and expected to be resolved over the coming months, despite what FAR has conceded is slower-than-expected progress.
The balance of Sangomar is owned by Cairn Energy and the Sengelese Government.