Petroleum Africa
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Friday, January 29, 2021
During the quarter FAR announced it had executed a sale and purchase agreement with ONGC Videsh Vankorneft Pte Ltd for FAR’s entire interest in the Rufisque, Sangomar and Sangomar Deep (“RSSD” or “Sangomar”) project. RSSD operator Woodside subsequently exercised its right to pre-empt the sale on the same terms and conditions, and in January 2021 Woodside and FAR executed a sale and purchase agreement. The sale to Woodside is discussed further in the Corporate update below.
Woodside’s acquisition of Capricorn Senegal Limited’s (Cairn’s) entire participating interest in the RSSD joint venture also completed during the quarter. The Sangomar Field development remains on track for first oil in 2023.
Cleaning and preparation of the VLCC oil tanker for conversion to an FPSO was completed during the quarter, and work has commenced on the external turret mooring for the FPSO. The contract for operations and maintenance of the FPSO, including installation, commissioning and the initial 10 years of operations and maintenance, was awarded to MODEC in December 2020. Other activities including subsea fabrication, and preparation for development drilling are on schedule with drilling targeted to commence in mid-2021.
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