Oil and gas developer FAR has taken a final investment decision on the Sangomar field development, offshore Senegal, securing final credit approvals for an underwritten $300-million senior secured reserve based lending facility to fund its share of the project development.
The joint venture (JV) partners of the Sangomar field development, which includes major Woodside Petroleum, have all jointly agreed on the Phase 1 development, which will target an estimated 231-million barrels of oil equivalent of oil resources from the lower, less complex reservoirs, and an initial pilot phase in the upper reservoirs.