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| Sat, 13th Mar 2021 12:00:00 |
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Russia Refuses To Give Up On Senegal’s Oil Boom |
Russia seems to be going through a tumultuous period. Internally, the Putin Administration has been kept busy with a wave of dissent, externally it is struggling to regain its geopolitical mojo as most of its international efforts are focused on overcoming the COVID pandemic. Amidst all of this, Russian oil and gas companies a striving to keep operations as close to normal as possible, despite the mandatory participation in OPEC+ production curtailments and hefty CAPEX cuts. Normal operations would involve Russian majors investing in projects abroad in order to diversify their production base, but the post-Crimean landscape has seen relatively few deals of this kind. The one notable exception to that rule is Africa, a continent to which many Russian majors are now turning, attracted by vast untapped reserves and negotiable upstream terms.
Attentive readers of Oilprice.com might perhaps remember the story of Russia’s LUKOIL attempting to get into Senegal’s offshore. The Moscow-based firm stated in June 2020 that it would buy Cairn Energy’s 40% stake in the Rufisque-Sangomar-Sangomar Deep (RSSD) project for $400 million. The final investment decision on RSSD was taken in January 2020 and production was slated to start in 2023. As of today, the 2200km2 block contains two commercial fields – FAN and Sangomar – totaling 500 MMbbls, and there is ample potential to see that reserve tally edge even higher. The RSSD fields are predicted to ramp up to 100kbpd at plateau production, allocated between the project stakeholders on the basis of a production sharing agreement (the other participants were Woodside, with 35%, FAR, with 15%, and the Senegalese NOC Petrosen, with a 10% stake).
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