Woodside Energy Group Ltd
ACN 004 898 962
Mia Yellagonga
11 Mount Street
Perth WA 6000
Australia
T +61 8 9348 4000
www.woodside.com
ASX: WDS
NYSE: WDS
LSE: WDS
Announcement
Tuesday, 11 June 2024
WOODSIDE ACHIEVES FIRST OIL AT SANGOMAR IN
SENEGAL
Woodside has achieved first oil from the
Sangomar field offshore Senegal, marking the safe delivery of the
country's first offshore oil project.
The Sangomar Field Development Phase 1 is a
deepwater project including a stand-alone floating production
storage and offloading (FPSO) facility with a nameplate capacity of
100,000 barrels/day, and subsea infrastructure that is designed to
allow subsequent development phases.
"This is an historic day for Senegal and for
Woodside," said Woodside CEO Meg O'Neill. "First oil from the
Sangomar field is a key milestone and reflects delivery against our
strategy. The Sangomar project is expected to generate shareholder
value within the terms of the production sharing
contract.
"Delivering Senegal's first offshore oil project
safely, through a period of unprecedented global challenge,
demonstrates Woodside's world-class project execution capability.
We are proud of the relationships we have formed with PETROSEN, the
Government of Senegal and our key international and local
contractors to develop this nationally significant
resource."
General Manager of PETROSEN E&P Thierno Ly
said he was pleased to reach this milestone.
"First oil from the Sangomar field marks a new
era not only for our country's industry and economy, but most
importantly for our people.
"This achievement is the result of the
unwavering commitment of our teams, who have worked diligently to
overcome challenges and meet our strategic objectives in a complex
and demanding environment. We have never been so well positioned
for opportunities for growth, innovation, and success in the
economic and social development of our nation."
About Sangomar
Field Development Phase 1
The Sangomar Field Development Phase 1 features
the Léopold Sédar Senghor FPSO, named after the first president of
Senegal, which is moored approximately 100 kilometres offshore
Senegal. The vessel has a storage capacity of
1,300,000 barrels.
The Phase 1 development includes 23 wells (11
production wells, 10 water injection wells and 2 gas injection
wells). 21 of the 23 wells have been drilled and completed
including 9 production wells. The RSSD joint venture has also
approved a 24th well (production well) that will be
completed in the current campaign.
The Sangomar Project is being progressed by the
Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore
(RSSD) joint venture, comprising Woodside (Operator and 82%
participating interest) and Societé des Petroles du Sénégal
(PETROSEN) (18% participating interest).
The Sangomar Field Development Phase 1 project
cost estimate remains within the provided range of US$4.9-$5.2
billion. The drilling campaign at Sangomar is ongoing and Woodside
expects to continue commissioning activities and safely ramping up
production through 2024.
Crude quality is expected to be ~31 degrees API
which is in demand in European and Asian markets.
Woodside's historical acquisition of
participating interests in the RSSD joint venture from both
Capricorn Energy and FAR included certain contingent payments.
Given current timing of first oil and oil prices Woodside
anticipates making both these payments. The final payments are
subject to ongoing production performance and oil price.
Teleconference
A conference call providing an update on
Sangomar first oil with a question-and-answer session will be
hosted by Woodside CEO and Managing Director, Meg O'Neill, on
Tuesday, 11 June 2024 at
09:30 AWST/11:30 AEST/20:30 CDT (Monday, 10 June 2024).
The investor presentation has today been
uploaded to the National Storage Mechanism in unedited full text
and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
We recommend participants pre-register 5 to 10
minutes prior to the event with one of the following
links:
· https://webcast.openbriefing.com/wds-inv-2024/
to listen to a live stream of the question-and-answer
session
· https://s1.c-conf.com/diamondpass/10039456-ur5bd3.html
to participate in the question-and-answer session. Following
pre-registration, participants will receive the teleconference
details and a unique access passcode.
This announcement was approved and authorised for release by
Woodside's Disclosure Committee.
Forward-looking
statements
This announcement may contain forward-looking
statements with respect to Woodside's business and operations,
market conditions, results of operations and financial conditions
which reflect Woodside's views held as at the date of this
announcement. All statements, other than statements of historical
or present facts, are forward-looking statements and generally may
be identified by the use of forward-looking words such as
'guidance', 'foresee', 'likely', 'potential', 'anticipate',
'believe', 'aim', 'estimate', 'expect', 'intend', 'may', 'target',
'plan', 'forecast', 'project', 'schedule', 'will', 'should', 'seek'
and other similar words or expressions.
Forward-looking statements are not guarantees of
future performance and are subject to inherent known and unknown
risks, uncertainties, assumptions, and other factors, many of which
are beyond the control of Woodside, its related bodies corporate
and their respective officers, directors, employees, advisers, or
representatives. Details of the key risks relating to Woodside and
its business can be found in the "Risk" sections of Woodside's most
recent Annual Report released to the Australian Securities
Exchange, Woodside's Climate Transition Action Plan and 2023
Progress Report, and in Woodside's filings with the U.S. Securities
and Exchange Commission, including Woodside's Annual Report on Form
20-F. You should review and have regard to these risks when
considering the information contained in this
announcement.
Investors are strongly cautioned not to place
undue reliance on any forward-looking statements. Actual results or
performance may vary materially from those expressed in, or implied
by any forward-looking statements.