Project Profile

Value: US$2 billion
Location: Atlantic Ocean, Saloum Delta, Senegal, West Africa
Area: 7,490 square kilometres
Resources: (2C) 641 mmbbls, (2C OIP) in excess of 2.7 billion barrels
SNE-1- 227 mmbbls (phase 1)
SNE-2 - 561 mmbbls (phase 2)
SNE-3 - 1071 mmbbls (phase 3)
Initial production: 100,000 bpd (estimated)
Start-up: 2021-2023
Cairn Energy farmed-in as Operator of three blocks in the Atlantic Ocean, mouth of the Saloum Delta, offshore Senegal in West Africa. The three contiguous blocks - Rufisque, Sangomar and Sangomar Deep - are currently operated by FAR Limited with Petrosen (the Senegal NOC) as a Joint Venture partner. Cairn is to acquire a 65% working interest (WI) and operatorship by fully funding the 100% costs of one exploration well to an investment cap. Thereafter exploration costs will be apportioned Cairn 72.2% (WI 65%), FAR 27.8% (WI 25%) and Petrosen 0.0% (WI 10%). 
The three blocks cover an area of approximately 7,490 square kilometres near shore to deep water exploration over the shelf, slope and basin floor of the Senegalese portion of the productive Mauritania-Senegal-Guinea-Bissau Basin. The acreage is covered by a 2,050 square kilometre 3D seismic survey and a number of play types, leads and prospects have been identified. Preliminary estimates of the gross Contingent Resource for SNE-1 are for P50, 330 mmbbls recoverable. Initial gross STOIIP estimates for the FAN-1 well for P50 are 950 mmbbls. 
Initial production from the SNE field should be around 100,000 bpd, with around 25 wells in the first phase. This will target the development of around 240 million barrels, lying in the S500 lower reservoir, with subsequent phases targeting more than 250 million barrels, lying in the S400 upper reservoir. Assuming the 100,000 bpd target is maintained, production should run for about 13 and a half years. The subsequent phases should follow the first phase after two to four years and included potential gas exports.
FAR has achieved the minimum economic field size for a commercial development. FAR prepared a SNE field concept development plan based on upgraded P50 (2C) Contingent Resource estimate of 641 mmbbls. A standalone FPSO development is envisaged with topside expansion capability for later SNE field development phases and satellite tie-backs. FAR’s development concept represents a phased development approach with a plateau production rate of 140,000 bopd and first oil in 2022. (September, 2016)
Operators:
Cairn Energy: Operator with 40% interest
Woodside: 35% interest
FAR Limited: 15% interest
Petrosen: 10% interest
Operators Rufisque Offshore Profond (Deep):
Total: 90%
Petrosen: 10% interest
Contractors:
Wood: Subsea and flow assurance studies
Lloyd’s Register: Project management and technical assistance work 
ERC Equipoise: Resource estimation auditing
AMOG: Pre-engineering studies with FAR to prepare SNE field concept development plan. (September, 2016)
Stena DrillMAX drillship: Contracted for the two well drilling program (SNE-5 and SNE-6) commencing in 1Q 2017 (November, 2016)