Australian FAR Ltd. has achieved the minimum economic field size for a commercial development of the SNE oil field offshore Senegal. The project’s operator Cairn Energy previously assessed the minimum economic field size to be around 200m barrels, Offshore Magazine reported.
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 (Front End Engineering and Design) stage with development planning under way. The focus is on optimizing and scaling a first phase development project,” according to Ecofin Agency’s Oil and Gas.
FAR concluded pre-engineering studies with AMOG, an engineering consultant, and has organized an SNE field concept development plan based on its increased 2C Contingent Resource estimate of 641m barrels.