FAR from a solution

FAR has defaulted on its most recent development cash call on Phase 1 of the Sangomar/SNE development. Under the Sangomar Joint Operating Agreement, any party that defaults on its financial obligations and cash calls have a six month rectification period, during which time it will pay LIBOR+2% on the unpaid amounts. FAR will also not be able to participate in any of the operating committee meetings or participate in any voting on JV issues. If...

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Woodside's Pluto LNG restart delayed

Source: RBC Woodside's restart from its planned Pluto LNG turnaround will be delayed until the end of June after initial restart efforts were unsuccessful. Vibration in the refrigerant compressor has delayed restart. In the interim, Woodside will be purchasing cargoes from the market to fulfill its contractual obligations. However Woodside are making a healthy margin of  c.USD5/mmbtu with the current lull in Asian spot LNG prices due to...

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SNE partners progress to FEED for Phase 1 of the development

The SNE JV offshore Senegal (Cairn 40%, Woodside 35%, FAR 15%, Petrosen 10%) has entered FEED for Phase 1 of the SNE development. The engineering contract has been awarded to the Subsea Integration Alliance (OneSubsea, Schlumberger and Subsea 7). First oil is being targeted for 2022 with an initial production rate of c.100mbopd. The exploitation plan had previously identified a total development of 500mmbbl of oil over a multi-phase development...

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Petronas makes offshore discovery in Gabon

PETRONAS has made the Boudji-1 discovery in deepwater Gabon. The discovery is located in Block F14 or Likuale in which PETRONAS holds 50% as an operator, Woodside holds 30% and the government holds 20%. The block lies in deepwater between depths of 2,500-3,200m. Exploration activity in the deepwater has been slow with the country previously focussing in the onshore and coastal areas. Gabon has held ad-hoc licensing rounds for the offshore...

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SNE North is Sirius

Cairn has completed the SNE-1 North exploration well (Sirius prospect), located c.15km north of the original SNE-1 discovery. The well reach TD 2,837m and was completed ahead of schedule. A 24m gross hydrocarbon column was encountered across three intervals with 11m net condensate and gas pay in the primary objective and 4m net oil pay in the secondary objective. A full set of oil, condensates and gas samples were recovered to surface from the...

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