ASX-listed exploration and production company Far Ltd has confirmed the company’s intention to develop the SNE field offshore Senegal and expects a final investment decision (FID) towards the end of September this year.
The operating joint-venture (JV) is composed of Woodside Energy as the operator, Cairn Energy, Far Ltd and Société des Pétroles du Sénégal.
According to Far Ltd CEO Catherine Norman, the SNE fields currently holds five billion barrels of oil in place, and the JV is looking at a development of 500 million barrels.
“With the majors making big discoveries in Ghana, Nigeria, South Africa, I think the investment community is getting a bit more worldly, in terms of where big discoveries are being made,” Norman said.
First production from the SNE field targets a daily output of 100,000 barrels, ramping up to 140,000 barrels in subsequent phases. The project is currently in FEED phases, which should end in July with a targeted FID expected within a few weeks.
Far Ltd owns key assets offshore Senegal, where it made 2014’s largest oil discovery globally. Since then, Far Ltd has drilled 11 holes. Seven appraisal wells have been drilled on SNE, as well as four new wells, all of which have been successful.