The final completion payment to FAR, after adjustments, was around $126 million, with further payments of up to $55 million being contingent on future commodity prices and timing of first oil from the deepwater Sangomar project.
Tomorrow the drillship Ocean BlackRhino is due to arrive in Senegal to prepare for the start of development drilling next week.
Construction of the 100,000-b/d FPSO, a converted oil tanker, is progressing and equipment deliveries for the 23 subsea wells and associated infrastructure have started to reached Senegal. Woodside is targeting first oil in 2023.
The company’s interest in the RSSD joint venture has now risen to 82% for the Sangomar exploitation area and to 90% for the remaining RSSD evaluation area.
Woodside intends to sell down its position in the RSSD joint venture to around 40-50% later this year.