Plan Submitted for 2014's Largest Oil Find
Cairn Energy plc announced Thursday that the development and exploitation plan for the SNE field offshore Senegal has been submitted on schedule to the government, with approval targeted later this year.
Development and Exploitation Plan for SNE field offshore Senegal submitted to Government pic.twitter.com/9lEllpp445— Cairn Energy PLC (@CairnEnergy) 25 October 2018
The SNE field will be developed in a series of phases with plans for around 500 million barrels of oil and gross production of 100,000 barrels of oil per day, Cairn revealed. First oil is targeted in 2022.
Cairn also revealed today that its joint venture partner Woodside Energy (Senegal) B.V. has exercised its option to become operator of the SNE field development. Work is already “well underway” to facilitate transfer of operatorship, according to Cairn.
Cairn is the current operator of the SNE field with a 40 percent working interest. Woodside holds a 35 percent stake, FAR Ltd a 15 percent interest and the Senegal National Oil Company, Petrosen, holds a 10 percent stake. Petrosen has the right to increase its equity to 18 percent on development.
FAR’s Managing Director Cath Norman labelled the submission of the development plan for SNE as a “huge milestone”.
“SNE was the world’s largest oil discovery for 2014 and, more importantly, the first offshore oil field discovered off the shores of Senegal,” Norman said in a company statement.
“FAR has had a long and enjoyable relationship with the people and country of Senegal over 12 years and it is particularly rewarding for our company to be here presenting the development plan to the government. We look forward to watching this development progress towards first oil in 2022 and first gas in about 2024,” Norman added.
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