Petroleum Africa
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Sunday, September 4, 2016
The SNE field offshore Senegal has been deemed a commercially viable product, meeting the threshold of reserves needed to move forward with development. Following the successful results of the 2015/2016 appraisal program of the SNE oil field FAR Ltd., one of the partners on the field, has assessed that the Minimum Economic Field Size for a commercial development has been achieved.
Cairn Energy PLC, the operator, had previously assessed the minimum size for the SNE project to be approximately 200 million barrels.
The project is at the pre-FEED stage and development planning is underway. FAR has completed pre-engineering studies with engineering consultancy AMOG, and has prepared an SNE field concept development plan based on its upgraded P50 (2C) Contingent Resource estimate of 641 million barrels.
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 bpd and first oil in 2022.
FAR Managing Director Cath Norman said: “FAR’s recently released third upgrade to the SNE oil field contingent resources and preparation of a detailed concept development plan supports FAR’s view that SNE is a world class oil field that can support a commercial development.
“FAR has assessed that the SNE field has surpassed the Minimum Economic Field Size and the project is at the Pre-FEED stage with development planning underway. The focus is on optimizing and scaling a first phase development project.
“The project is well positioned to benefit from cost deflation. Development and operating costs estimates for the concept development are relatively low, making the break-even oil price very competitive in the current oil price environment at less than US$40 per barrel.
“Further appraisal drilling expected to start in late 2016 will target understanding the connectivity of the upper reservoirs and help optimize and scale the development.”
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