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FAR reveals details of its latest

moves on Sangomar project

SENEGAL AUSTRALIA’S FAR has issued a statement clar- August. Since the effective date of default on
ifying its latest moves with respect to RSSD, the June 23, these cash calls, which amount to a
joint venture set up to develop the Sangomar total of $28.2mn, have accrued $70,000 worth
block offshore Senegal. of interest, it added.
In a statement dated August 27, FAR con- The Australian company also said it
firmed that it had been notified of its right to remained interested in unloading part or all of
pre-empt Cairn Energy (UK) in its plan to sell a its remaining interest in the RSSD joint venture
40% working interest in RSSD to Russia’s Lukoil. but did not name any potential buyers.
It also said it had informed Cairn that it would The Sangomar block includes three separate
not seek to block the proposed sale, even though fields – Rufisque, Sangomar Offshore and San-
Woodside Energy, the Australian leader of the gomar Deep Offshore – that give the RSSD joint
joint venture, had exercised its right to do so. venture its name. Oil was discovered at the block
In the meantime, it said, Cairn is still waiting in 2014, and RSSD has determined that it holds
for the approval of its shareholders and the gov- an estimated 645mn barrels of oil equivalent in
ernment of Senegal for the sale of its 40% stake. recoverable reserves, including 485mn barrels of
“The 30-day pre-emptive period for the transac- crude oil and 160mn boe of natural gas.
tion has now expired,” it added. The joint venture has said it hopes to begin
FAR also noted that Petrosen, the national oil extracting oil from Sangomar in 2023. Woodside
company (NOC) of Senegal, had made a final stated in June that it still expected to meet this
decision on the acquisition of additional equity deadline. ™
in Sangomar, one of the fields within the block.
Petrosen is seeking to enlarge its stake from 10%
to 18%, it said. If, as expected, Woodside pre-
empts Cairn’s planned sale to Lukoil, Petrosen’s
additional 8% will consist of 1.33% from FAR
and 6.67% from Woodside, it explained. This
would see equity in the Sangomar field split
between Woodside, with 68.33%; Petrosen, with
18%; and FAR, with 13.67%, it said.
It also noted, though, that this acquisition
would not affect its holdings in the rest of the
Sangomar block. “The working interest in the
remaining RSSD evaluation area (including
the FAN and SNE North oil discoveries) will
be [split between] Petrosen 10%, FAR 15% and
Woodside 75%,” it said.
Additionally, FAR acknowledged that it was
still in default with respect to its financial obliga-
tions to RSSD. It stated that it had not responded
to the joint venture’s cash calls for June, July or The Sangomar block includes four fields (Image: Woodside Energy)

PERFORMANCE
Dussafu Marin output seen rising in 2020

SENEGAL BW Energy (Norway) said last week that it (bpd) of crude in 2020. This would represent
expected to see gross oil production levels rise an increase of 27.1-35.6% on the 2019 full-year
this year at the Dussafu Marin licence area off- average of 11,800 bpd.
shore Gabon. In another positive development, production
In a statement outlining its first-half results, costs at Dussafu Marin are set to sink to $17-18
the company said that Dussafu Marin was on per barrel in 2020, down from $21 per barrel last
track to yield 15,000-16,000 barrels per day year, it added.

Week 35 02•September•2020 www. NEWSBASE .com P11