LONDON (ShareCast) - (Sharecast News) - Cairn Energy reported the approval of the exploitation plan for the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore by the Senegal government on Thursday, along with the exploitation authorisation for the Sangomar Field development.
The FTSE 250 company has a 40% working interest in the development, via its subsidiary Capricorn Senegal, alongside the operator Woodside Energy, FAR, and the Senegal national oil company Petrosen.

It said Woodside had confirmed that the start of the execute phase of phase one of the Sangomar field development remained subject to final execution of the host government agreement with the government of Senegal, and the approval and award of key contracts.

"The Sangomar Development concept is a stand-alone floating production storage and offloading facility with 23 subsea wells and supporting subsea infrastructure," the announcement explained.

"The floating production storage and offloading facility, expected to have a production capacity of 100,000 barrels per day, will process the oil before it is exported to market via tankers.

"First oil is targeted in early 2023."

It said the floating production storage and offloading facility would allow for the integration of potential future development phases, including gas export to shore and future subsea tie-backs.

At 0849 GMT, shares in Cairn Energy were down 0.07% at 203.45p.

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