Australia’s FAR announced on Oct 29 that the investment planned to develop the SNE oil field in Senegalese waters increased by 40% to $4.2 billion, as the project partners have decided to buy rather than lease a Floating Production Storage and Offloading (FPSO) vessel for the project.
As a result, a large part of the field's development will be financed by debt, the company explains. The project's break-even point has increased from $22 per barrel over the life of the field to $33 per barrel. For Cath Norman, FAR's MD, the high profitability of the project means that the value of FAR's shares should triple by the first oil delivery scheduled for late 2022.
FAR currently holds 15% of the project, but its stake will be reduced to 13.67% if the Senegalese government exercises the option to increase its own. SNE will produce up to 100,000 barrels of oil per day. The field will also produce natural gas condensate.
Olivier de Souza
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
The MTN Nigeria Dabengwa Tier 3 Data Centre is more than just a physical infrastructure project — it’s a foundational investment in Nigeria’s digital...
• South Sudan initiates a $58 million, four-year project to transform basic education nationwide.• The program aims to directly benefit over 300,000...
• Cape Verde reclassified as an upper-middle-income country due to a 16.8% rise in GNI per capita.• Namibia downgraded to lower-middle-income after a...
• Ivory Coast grants two new four-year gold exploration permits to Global Industries Sarl and Rampage Exploration Sarl.• National gold production reached...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...