Woodside’s U.S. corporate office is located in Houston. (Source: Shutterstock)
Australia’s Woodside Energy achieved first oil from its deepwater Sangomar development offshore Senegal. It’s the African country’s first offshore oil project.
“First oil from the Sangomar field is a key milestone and reflects delivery against our strategy,” Woodside CEO Meg O’Neill was cited saying in the company’s Jun. 11 press release. “The Sangomar project is expected to generate shareholder value within the terms of the production sharing contract.”
RELATED
Woodside Brings in the Know-how
The Sangomar field development phase 1 includes the Léopold Sédar Senghor FPSO with a nameplate capacity of 100,000 bbl/d. The project has subsea infrastructure designed for subsequent development phases.
The FPSO is moored 100 km offshore Senegal and has a storage capacity of 1.3 MMbbl.
Phase 1 development includes 23 wells (11 production wells, 10 water injection wells and two gas injection wells). 21 of the wells have been drilled and completed including nine production wells. A 24th production well has been approved and will be completed in the current campaign, Woodside said in the release.
The Sangomar project is being progressed by the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture. Partners include Woodside, operator, with an 82% interest and Societé des Petroles du Sénégal (Petrosen) with an 18% interest.
Phase 1 will cost an estimated $4.9 billion-$5.2 billion. Sangomar’s drilling campaign is ongoing and Woodside expects to continue commissioning activities and ramp up production through 2024.
Woodside’s historical acquisition of participating interests in the RSSD JV 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.
Woodside’s U.S. corporate office is located in Houston.
RELATED
Everywhere All at Once: Woodside CEO Touts Current Global Portfolio
Recommended Reading
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Oil, Gas and M&A: Banks ‘Hungry’ to Put Capital to Work
2025-01-29 - U.S. energy bankers see capital, generalist investors and even an appetite for IPOs returning to the upstream space.
The Private Equity Puzzle: Rebuilding Portfolios After M&A Craze
2025-01-28 - In the Haynesville, Delaware and Utica, Post Oak Energy Capital is supporting companies determined to make a profitable footprint.
Riverstone’s Leuschen Plans to IPO Methane-Mitigation-Focused SPAC
2025-01-21 - The SPAC will be Riverstone Holdings co-founder David Leuschen’s eighth, following the Permian Basin’s Centennial Resources, the Anadarko’s Alta Mesa Holdings and the Montney’s Hammerhead Resources.
Artificial Lift Firm Flowco Seeks ~$2B Valuation with IPO
2025-01-07 - U.S. artificial lift services provider Flowco Holdings is planning an IPO that could value the company at about $2 billion, according to regulatory filings.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.