Senegal

More oil discovered off the coast of Senegal

12 Jul 2017   Senegal

More oil discovered in the deep waters off the coast of Senegal, which the companies involved say confirms its potential. Photo courtesy of Cairn Energy July 11 (UPI) — Oil was discovered again off the coast of Senegal, which companies said Tuesday would be added to the reserve potential in the emerging basin. Scottish energy company Cairn leads a consortium probing the reserves in waters off the coast of West Africa. At its FAN South-1 exploration well offshore Senegal, the company said oil was encountered and work was under way to establish the potential for commercial development of the deepwater prospect. Cairn Energy CEO Simon Thomson said FAN South-1 was the tenth well drilled in three years and the second to uncover oil and the deeper portion of the basin. According to FAR Ltd., the company’s drilling partner, FAN South-1 could hold as much as 134 million barrels of […]

Russia interested in oil and gas opportunities in Senegal

18 Apr 2017   Russia, Senegal

Russia has an opportunity to foster a better trade relationship with Senegal, an emerging West African oil producer, the Russian foreign minister said.  Russian Foreign Minister Sergei Lavrov hosted his Senegalese counterpart, Mankeur Ndiaye, at his Moscow office to discuss opportunities in the energy sector.  “Our trade and economic cooperation has been on the rise, our companies have been looking at a number of promising projects in Senegal, including those in the oil and gas industry, ship-building and fishing sectors,” the Russia foreign minister was quoted by state news agency Tass as saying.  Russian interest in Senegal follows a March decision by the British subsidiary of China National Offshore Oil Corp. to outline areas of mutual interest offshore Gambia and Senegal with Australian energy company FAR Ltd.  FAR Ltd. has a stake in the SNE and FAN prospects off the coast of Senegal. When discovered in 2014, SNE in particular was considered one of the larger discoveries ever made. By the company’s estimates, more than 1.5 billion barrels of oil may be in basins off the coast of Senegal.

West African explorer FAR Ltd. gets cash injection

6 Apr 2017   Senegal

West African explorer FAR Ltd. said it raised substantial capital to fund its development programs in the emerging oil basin offshore Senegal. FAR placed 1 billion shares to institutional and other investors to generate around $60 billion in capital. The company said the proceeds would be used to fund drilling, evaluation and pre-development programs off the coast of Senegal, and potentially the acquisition of further assets off the Gambian coast. Trading for the general public is halted “until further notice,” and the company said the shares it did release were discounted by 4.8 percent. With full underwriting, Managing Director Catch Norman said the evidence is there that FAR’s portfolio is high quality. “The cash raised is expected to fund FAR through […]

China wades into oil basins off the West African coast

1 Apr 2017   China, Senegal

Prospects for expanding the footprint in emerging oil basins off the Senegalese and Gambian coasts has increased through a Chinese partnership, FAR Ltd. said. FAR Ltd., an Australian company with a heavy focus on oil basins off the coast of Africa, said it entered into a partnership with the British subsidiary of China National Offshore Oil Corp. that defines areas of mutual interest off the coast of Gambia and Senegal. The deal gives both companies the ability to partner up on evaluating, bidding, negotiating and managing any joint ventures or buy-in opportunities for oil and gas in the broader Mauritania-Senegal-Guinea-Bissau deepwater basin. FAR Managing Director Cath Norman said in a statement that her company has […]

Oil streak continues offshore Senegal

28 Mar 2017   Senegal

After going eight-for-eight in oil discoveries off the coast of Senegal, Australian energy company FAR Ltd. said it expects a revision to reserve estimates. FAR Ltd. said it confirmed an oil discovery at the VR-1 well about 3 miles away from its SNE discovery off the coast of Senegal. It’s the eighth successful well drilled offshore Senegal since work started in 2014. “The VR-1 well has been highly successful, providing important information regarding the geology of the western flank of the SNE field,” Managing Director Cath Norman said in a statement . The SNE oil field met the minimum threshold to be considered a commercial opportunity by the third quarter of 2016, less than two years after it was discovered. By the company’s estimates , more than 1.5 billion barrels of oil may be in basins off the coast of Senegal and the results from […]

More oil progress offshore Senegal

8 Mar 2017   Senegal

A Scottish energy company focused on reserves offshore Africa said it’s assessing data from a reservoir estimated to hold more than 2 billion barrels of oil. Cairn Energy, which has headquarters in Edinburgh, said it’s reviewing the results from its fifth appraisal well at the SNE basin off the coast of Senegal. “The results will help narrow the range of SNE field volumes and also allow the joint venture time to fully integrate the results of SNE-5 prior to moving to appraisal well SNE-6,” the company explained in a statement . Cairn leads a joint venture that counts Australian and Senegalese companies as partners. In late February, minority partner FAR Ltd. announced the completion of SNE-5 ahead of schedule. Last year, FAR said […]

FAR makes further progress offshore Senegal

24 Feb 2017   Senegal

Drilling of a fifth appraisal well into what may become one of the more promising basins off the West African coast is completed, FAR Ltd. announced. FAR is said its SNE-5 appraisal well reached the total depth necessary to sample its target. “To date, the operations have been completed safely and ahead of schedule,” the company stated . FAR has nearly 3,000 square miles off the coast of Senegal under license and achieved discoveries already from its FAN and SNE wells. By the third quarter of 2016, the company said the SNE oil field in particular met the minimum threshold to be considered a commercial opportunity. That statement came less than two years after the field was discovered. […]

More oil than thought offshore Senegal

8 Feb 2017   Senegal

Africa-focused energy company FAR Ltd. said a review of its oil prospects off the coast of Senegal was more promising than initially thought. FAR has nearly 3,000 square miles off the coast of Senegal under license and achieved discoveries already in its FAN and SNE wells. Data from seismic surveys used to get a better understanding of the resource potential offshore Senegal led the company to increase its estimate of undrilled prospective oil barrels by more than 50 percent. “The prospectivity of FAR’s offshore Senegal acreage is extremely exciting,” Managing Director Cath Norman said in a statement . By the company’s estimates, more than 1.5 billion barrels of oil may be in basins off the coast of Senegal. […]

New drilling underway in Senegalese hot spot

24 Jan 2017   Senegal

Australian oil and gas explorer FAR Ltd., which has a strong African footprint, said new drilling started in a survey of a bright spot off the coast of Senegal. FAR said it started drilling a new appraisal well , SNE-5, in the SNE complex off the Senegalese coast. The company said information taken from the new appraisal program will help “fine-tune” the concept for full field development. “This area represents one of the world’s most attractive emerging basins for oil and gas exploration,” Managing Director Cath Norman said in a statement. The company estimates the SNE field could hold up to 641 million barrels of oil. Its development comes as the energy sector rebounds alongside crude oil prices and FAR, […]

BP to Invest $1 Billion in Gas Field Off Coast of Northwest Africa

The deal also makes BP the operator of the project, giving the British oil giant… BP PLC will invest nearly $1 billion in a vast natural gas field off the coast of northwest Africa, a sign that major energy companies continue to scour the world for opportunities to pump more even as they recover from one of the worst oil and gas price crashes in decades. The agreement with exploration company Kosmos Energy Ltd. of Dallas calls for BP to pay more than $900 million in the coming years to help test the viability of the Tortue prospect in waters off Mauritania and Senegal. By some estimates, the field could hold as much as 50 trillion cubic feet of natural gas. That is enough to meet demand in the United Kingdom for about 20 years, according to the U.S. Energy Information Administration. The deal also makes BP the operator […]

Senegal primed as one of the next big oil players

2 Dec 2016   Senegal

Companies working to exploit frontier oil reserves are working to submit field development plans as quickly as possible, a top executive said. Africa-focused FAR Ltd. said the SNE field off the coast of Senegal, which could hold up to 641 million barrels of oil, is in the development planning stage . “The Senegal joint venture is progressing towards the submission of a development plan for the SNE field as quickly and efficiently as possible,” Managing Director Cath Norman said in a statement. The Senegalese development comes at a time when energy companies are reviewing their portfolio options against a price for crude oil that’s about half what it was two years ago. FAR, which has headquarters in Australia, said, however, that its offshore […]

Senegal the next big thing in oil, company says

15 Sep 2016   Senegal

Senegal may be situated in the hot spot for oil and gas discoveries offshore, an Australian energy company said. Photo by project1photography/UPI/Shutterstock PERTH, Australia, Sept. 14 (UPI) — Emerging oil and gas basins in and around the waters off the West African coast in Senegal are the world’s next hot spots, an Australian energy company said. Australia’s FAR Ltd. presented at an energy conference in Western Australia information on its prospects off the coast of Senegal. Emerging as one of the better prospects in its portfolio, the company said Senegal is at the dawn of development as no offshore oil exploration has been done in four decades and no deepwater drilling has ever been conducted in national waters. With contingent resources of around 200 million barrels of oil, the company said the SNE oil field offshore Senegal met the minimum threshold to be considered commercial. In its presentation , […]

Senegal not yet paying off for Australian company FAR Ltd.

7 Sep 2016   Senegal

Australian energy company FAR Ltd. said it bet heavily on offshore Senegal, though revenue year-on-year was lower by more than 50 percent.  FAR is focusing the bulk of its spending and exploration efforts on emerging basins off the coast of West Africa. The company said in a report on the first half of 2016 that exploration and evaluation assets increased by around 60 percent to $96.8 million, which it said reflected the funding for four appraisals wells offshore Senegal.  With contingent resources of around 200 million barrels of oil, the company last week said the SNE oil field met the minimum threshold to be considered commercial. Envisioning a floating production storage and offloading concept, FAR said it estimates a peak production rate of 140,000 barrels of oil per day from the SNE field.  In its latest assessment, the International Monetary Fund said the economy in Senegal was stable with a growth rate of around 6 percent expected. Both inflation and the budget deficit are expected to remain at levels supportive of economic expansion.

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An elephant in the room offshore Senegal

24 Aug 2016   Senegal

Australian energy company FAR Ltd. says its reserve estimate for an oil field offshore Senegal keeps increasing. File Photo by A.J. Sisco/UPI MELBOURNE, Aug. 23 (UPI) — Further analysis of an oil field offshore Senegal confirms it may be an elephant, one with more than 100 million barrels of oil, Africa-focused FAR Ltd. said. “FAR has delivered another remarkable independently audited SNE resource upgrade and we look forward to providing investors with a future statement on FAR’s view of the commerciality of the SNE oil field, update on our prospective resources, and the resumption of drilling offshore Senegal in the second half of 2016,” Managing Director Cath Norman said in a statement. “SNE is a world-class oil field that is truly worthy of the ‘elephant’ title.” The company estimated the field covers about 135 square miles offshore Senegal. Third party assessment of the reserve potential conducted after the drilling […]

Mystery deepens as ghost tanker washes up in Liberia

11 May 2016   Liberia, Senegal

A Panama-registered oil tanker that disappeared from radar three weeks ago en route to Senegal has now reportedly washed up in Liberia without its crew, sparking fears of a pirate attack gone very wrong. The last location of Tamaya 1 , which is registered in Panama, was recorded on April 22, heading to the port of Dakar, Senegal, from the south. All contact with the crew was then lost. In 2014 alone, there were some 20 recorded pirate attacks; however, authorities remain at a loss so far over how this tanker washed up off course without its crew, and an alternative theory is that the crew simply abandoned ship mid-journey. “Our best bet is that the vessel’s owner might have gone broke and had no money to pay crew members; and therefore, the crew abandoned the ship”, a source with the Liberian National Port Authority said, as cited by […]

Senegal oil reserve estimate moved higher

14 Apr 2016   Senegal

An oil field offshore Senegal may be viewed as a world-class reservoir following an update to the reserve estimate, Australia-based explorer FAR Ltd. said. FAR said an independent assessment of the SNE field raised the reserve estimate by about 20 percent to 561 million barrels of oil. A string of exploration successes at the field meant the company was able to plan for more drilling. “Appraisal drilling results to date indicate the SNE field could be a world class oil deposit which could justify a significant commercial development,” Managing Director Cath Norman said in a statement. The company in 2014 started a drilling program in the nearby FAN-1 reservoir in deep waters off the coast of Senegal, which FAR […]

More reserves uncovered offshore Senegal

12 Apr 2016   Senegal

Scottish company Cairn Energy said it was maintaining a string of success with the latest discovery of natural gas at an evaluation program offshore Senegal. The Scottish company and its partners confirmed a discovery offshore Senegal in the SNE field in January. Cairn said that, unlike the tough sea conditions in the North Sea or in the Gulf of Mexico, offshore West Africa may be more palatable to energy companies. The company said Monday it confirmed natural gas and potentially oil were present in the fifth well drilled into the field. “The drilling program in Senegal continues to provide positive evidence of the scale and extent of the SNE field,” Cairn […]