Australia’s FAR is in default for its payments due on the Sangomar field, following recent talk of delays in Senegal’s upstream plans.
Woodside Petroleum has denied that first oil from the Sangomar field will be delayed because of the coronavirus pandemic.
Amidst the oil price crash crisis and the pressure on companies, opportunities are emerging for those with resources.
Australia’s FAR has been unable to secure financing for its stake in the Sangomar field development and so has begun a process to sell all, or a part, of its stake in the Senegalese project.
TGS has begun a 3D seismic survey offshore The Gambia, under its Gambito 2020 programme.
The double threat of coronavirus and the price crash has forced oil companies around the world to rearrange plans and save money where possible, and Africa is set to feel the squeeze.
Woodside Petroleum has slashed its spending this year by 50%, to around $2.4 billion, but Senegal’s Sangomar development should progress as planned.
Australia’s FAR has temporarily suspended plans for drilling offshore The Gambia, in response to the coronavirus pandemic, while the oil price crash has made talks on securing debt for Senegal’s Sangomar development harder.
Australia’s FAR has signed a deal to allocate its share of crude from Senegal’s Sangomar field to Glencore Energy.
Senegal’s government has approved the plan to develop the Woodside Energy-led Sangomar field.
Australia’s FAR has awarded a contract to acquire 3D seismic in The Gambia to Shearwater GeoServices.
FAR has set out plans for a conditional placement and a senior debt facility in order to finance the Sangomar field, offshore Senegal.
The Sangomar development and exploitation plan has been submitted to the Senegalese government, operator Woodside Energy has said, with the final investment decision (FID) for the project expected later this month.
Developing the SNE field will require capital expenditure of around $4.2 billion, a presentation by Australia’s FAR has said, versus the previous projection of $3bn.
Australian firm FAR said today that drilling had commenced on the Samo-1 exploration well in block A2, offshore Gambia.
Petronas has entered into an agreement to acquire a 40% stake in FAR’s A2 and A5 offshore licenses in Gambia, West Africa.
Australian firm Far today denied claims made in a media report that it was involved in a dispute with UK-based Cap Energy in Senegal.
The Gambian Government has approved Erin Energy’s farm-out agreement with FAR Limited – where FAR will acquire operatorship of two Erin blocks in the Gambia.
Woodside Petroleum said today that its purchase of a stake in Senegalese oil assets had been approved by the West African country.
Australian oil and gas explorer FAR has entered into a farm-in option agreement with a subsidiary of Trace Atlantic Oil for the Djiffere block offshore Senegal.