Woodside has achieved first oil from the Sangomar field offshore
Senegal, marking the safe delivery of the country’s first offshore
oil project.
The Sangomar Field Development Phase 1 is a deepwater project
including a stand-alone floating production storage and offloading
(FPSO) facility with a nameplate capacity of 100,000 barrels/day,
and subsea infrastructure that is designed to allow subsequent
development phases.
“This is an historic day for Senegal and for Woodside,” said
Woodside CEO Meg O’Neill. “First oil from the Sangomar field is a
key milestone and reflects delivery against our strategy. The
Sangomar project is expected to generate shareholder value within
the terms of the production sharing contract.
“Delivering Senegal’s first offshore oil project safely, through
a period of unprecedented global challenge, demonstrates Woodside’s
world-class project execution capability. We are proud of the
relationships we have formed with PETROSEN, the Government of
Senegal and our key international and local contractors to develop
this nationally significant resource.”
General Manager of PETROSEN E&P Thierno Ly said he was
pleased to reach this milestone.
“First oil from the Sangomar field marks a new era not only for
our country's industry and economy, but most importantly for our
people.
“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.”
About Sangomar Field Development Phase 1
The Sangomar Field Development Phase 1 features the Léopold
Sédar Senghor FPSO, named after the first president of Senegal,
which is moored approximately 100 kilometres offshore Senegal. The
vessel has a storage capacity of 1,300,000 barrels.
The Phase 1 development includes 23 wells (11 production wells,
10 water injection wells and 2 gas injection wells). 21 of the 23
wells have been drilled and completed including 9 production wells.
The RSSD joint venture has also approved a 24th well (production
well) that will be completed in the current campaign.
The Sangomar Project is being progressed by the Rufisque
Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint
venture, comprising Woodside (Operator and 82% participating
interest) and Societé des Petroles du Sénégal (PETROSEN) (18%
participating interest).
The Sangomar Field Development Phase 1 project cost estimate
remains within the provided range of US$4.9-$5.2 billion. The
drilling campaign at Sangomar is ongoing and Woodside expects to
continue commissioning activities and safely ramping up production
through 2024.
Crude quality is expected to be ~31 degrees API which is in
demand in European and Asian markets.
Woodside’s historical acquisition of participating interests in
the RSSD joint venture from both Capricorn Energy and FAR included
certain contingent payments. Given current timing of first oil and
oil prices Woodside anticipates making both these payments. The
final payments are subject to ongoing production performance and
oil price.
Teleconference
A conference call providing an update on Sangomar first oil with
a question-and-answer session will be hosted by Woodside CEO and
Managing Director, Meg O’Neill, on Tuesday, 11 June 2024 at 09:30
AWST/11:30 AEST/20:30 CDT (Monday, 10 June 2024).
A separate announcement containing the investor presentation
that will be referred to during the conference call will be
released shortly.
We recommend participants pre-register 5 to 10 minutes prior to
the event with one of the following links:
- https://webcast.openbriefing.com/wds-inv-2024/ to listen to a
live stream of the question-and-answer session
- https://s1.c-conf.com/diamondpass/10039456-ur5bd3.html to
participate in the question-and-answer session. Following
pre-registration, participants will receive the teleconference
details and a unique access passcode.
This announcement was approved and authorised for release by
Woodside’s Disclosure Committee.
Forward-looking statements
This announcement may contain forward-looking statements with
respect to Woodside’s business and operations, market conditions,
results of operations and financial conditions which reflect
Woodside’s views held as at the date of this announcement. All
statements, other than statements of historical or present facts,
are forward-looking statements and generally may be identified by
the use of forward-looking words such as ‘guidance’, ‘foresee’,
‘likely’, ‘potential’, ‘anticipate’, ‘believe’, ‘aim’, ‘estimate’,
‘expect’, ‘intend’, ‘may’, ‘target’, ‘plan’, ‘forecast’, ‘project’,
‘schedule’, ‘will’, ‘should’, ‘seek’ and other similar words or
expressions.
Forward-looking statements are not guarantees of future
performance and are subject to inherent known and unknown risks,
uncertainties, assumptions, and other factors, many of which are
beyond the control of Woodside, its related bodies corporate and
their respective officers, directors, employees, advisers, or
representatives. Details of the key risks relating to Woodside and
its business can be found in the “Risk” sections of Woodside’s most
recent Annual Report released to the Australian Securities
Exchange, Woodside’s Climate Transition Action Plan and 2023
Progress Report, and in Woodside’s filings with the U.S. Securities
and Exchange Commission, including Woodside’s Annual Report on Form
20-F. You should review and have regard to these risks when
considering the information contained in this announcement.
Investors are strongly cautioned not to place undue reliance on
any forward-looking statements. Actual results or performance may
vary materially from those expressed in, or implied by any
forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240610557422/en/
INVESTORS Marcela Louzada M: +61 456 994 243 E:
investor@woodside.com MEDIA Christine Forster
(Australia) M: +61 484 112 469 E:
christine.forster@woodside.com Rob Young (United
States) M: +1 281 790 2805 E: robert.young@woodside.com
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