Africa focussed Australian oil and gas FAR Limited has begun front-end engineering design (FEED) activities for phase-one development of its SNE oil field offshore Senegal.
The FEED will aim to finalise budget, schedule and technical definition of the oil field’s development before a final investment decision is reached in 2019.
The SNE oil field is estimated to contain 640 million barrels of 2C contingent resources. SNE is being developed through a joint venture agreement with FAR acting as operator and holding a 15% interest in the project.
FAR managing director Cath Norman said the start of FEED activities was a significant milestone for the joint venture’s development of the SNE field.
Norman said: “From discovery to entering FEED in a four-year period, especially given the general market conditions, is a substantial achievement for the joint venture.
“In addition to the commencement of FEED, the joint venture project financing has now commenced.
“It has been a successful 2018 for the SNE field development project and we look forward to working closely with the joint venture and Government of Senegal as we progress the final investment decision in 2019.”