The share price of Woodside Petroleum (ASX: WPL) is on watch today after receiving Senegal approval for its development plans.

Woodside Petroleum is Australia’s largest independent oil and gas company with a global portfolio. It is an explorer, developer, producer and supplier of energy. The company has been operating for over 60 years and is now Australia’s leading LNG producer. Some of its current development projects are in Senegal (SNE), Myanmar, Canada (Kitimat) and Timor-Leste / Australia (Sunrise).

Woodside’s Latest Senegal Announcement

Woodside announced that the Government of Senegal has approved the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture ‘Exploitation Plan’ and granted the Exploitation Authorisation for the Sangomar Field Development.

Commencement of the ‘execute’ phase of the Sangomar Field Development Phase 1 is subject to final execution of the ‘Host Government Agreement’ with the Senegal Government and the approval and award of key contracts.

The Sangomar concept is a stand-alone floating production storage and offloading facility with 23 subsea wells and supporting subsea infrastructure. It’s expected to have a production capacity of 100,000 barrels per day and will process the oil before it is exported to market via tankers.

Woodside Petroleum stated that the first oil is targeted in early 2023. The floating storage and offloading will allow for the integration of potential future development phases, including gas export to shore and future subsea tie-backs.

The RSSD joint venture comprises Woodside Energy (Senegal) B V, Capricorn Senegal (a subsidiary of Cairn Energy), FAR Ltd and Petrosen (the Senegal National Oil Company).

The Woodside share price is currently down almost 1% today in reaction to this news. However, this decline most likely due to the fact that the Iran and US tensions are unlikely to escalate into a full blown war with President Trump being pleased there were no deaths from Iran’s rocket attacks.