A joint venture Exploitation Plan has also been approved by the Government of Senegal for the Sangomar Field, which was formerly the SNE Field.
The Development and Exploitation Plan outlines the full field multi-phase development of oil and gas and details how the field will be developed in a series of phases, with first oil targeted in early 2023
This will occur through the use of a standalone floating production storage and offloading (FPSO) facility with 23 subsea wells and supporting subsea infrastructure.
The FPSO will allow for the integration of potential future development phases, including gas export to shore and future subsea tie-backs.
FAR managing director Cath Norman said: “This is a momentous milestone for the joint venture and the people of Senegal and FAR is proud to have played an integral part in the discovery, appraisal and now commitment to develop the significant oil resource offshore Senegal.
“We thank all of our stakeholders and look forward to the coming weeks and months before first oil in early 2023.”
Daily production capacity of the FPSO is expected to be 100,000 barrels and the FPSO will process the oil before it is exported to market via tankers.
The JV project which will now move to execute the Sangomar Field Development Phase 1.
Commencement of the execution phase is subject to final execution of the Host Government Agreement with the Government of Senegal and the approval and award of key contracts.
The Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) JV comprises of a subsidiary of Woodside Petroleum Limited (ASX:WPL), a subsidiary of Cairn Energy PLC (LON:CNE), FAR Ltd and Petrosen (the Senegal National Oil Company).