ASX-listed energy developer FAR has struck a binding memorandum of understanding (MoU) with Glencore Energy for its share of the crude oil produced at the Sangomar field, in Senegal.
The joint venture (JV) partners of the Sangomar field development project have recently green-lit 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.