First Contracts Awarded for Senegal FPSO Project

(Photo: Woodside)
(Photo: Woodside)

Woodside and Cairn Energy awarded front-end engineering contracts for Senegal's first oil project, a key step before a final investment decision expected in mid-2019, Woodside said on Monday.

The project's first phase targets the unlocking of an estimated 230 million barrels of oil via a floating production storage and offloading vessel (FPSO) with a capacity of around 100,000 barrels a day.

First oil production is expected in 2022.

Woodside operates the project with a stake of 35 percent, with Cairn holding 40 percent and Far Ltd and the Senegal National Oil Company the rest.

RBC said in a note on Cairn: "We believe, over the next 9-12 months, there is the potential to realize value from the ... development offshore Senegal."

Banking sources and a Senegal oil ministry source told Reuters last year that BP, which has other projects in the same waters, was in talks with Cairn to buy a 30-percent stake in the project which could be valued at around $600 million.


(Reporting By Shadia Nasralla; Editing by Kirsten Donovan)

Current News

Wind Opponents Sue to Block Empire Wind

Wind Opponents Sue to Block Em

Wärtsilä to Supply Regasification Module for Egypt-Bound FSRU Conversion

Wärtsilä to Supply Regasificat

Sonardyne to Deliver Seabed Monitoring Kit for North Sea CCS Project

Sonardyne to Deliver Seabed Mo

Kongsberg Maritime to Supply Equipment for Sea1 Offshore’s OCVs

Kongsberg Maritime to Supply E

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine