FAR Ltd. expects oil bonanza offshore Senegal

Aussie company FAR Ltd. expects oil boom in Senegalese waters.
By Daniel J. Graeber   |   April 17, 2014 at 10:01 AM   |   Comments

| License Photo
MELBOURNE, April 17 (UPI) -- Australian energy company FAR Ltd. said Thursday developing offshore reserves in Senegal may open the flood gates for new oil deposits.

FAR Ltd. said drilling began at the offshore exploration well, FAN-1, in the deep waters off the Senegalese coast. A second well is expected immediately after FAN-1 operations are completed and the Australian explorer said they're the first offshore wells targeting deep Senegalese waters in more than 20 years.

"We have high hopes for these two wells which have the potential to be company makers for FAR," Managing Director Cath Norman said in a statement. "Of course exploration has its risks but we are confident that FAR can maximize the value from these two exploration wells."

FAR said the targeted area may hold as much as 1.5 billion barrels of oil.

FAR is a minority shareholder in the region. Its majority partners are Cairn Energy and ConocoPhillips.

Cairn, serving as an operator, said in January frontier basins off the Senegalese and Moroccan coasts were key components of its exploration agenda for 2014.

West Africa has drawn interest from international energy companies eager to tap into unexploited reserves.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
Texas, N.D. oil push imports down
Oil spill reported in North Dakota
Scout attack helicopter demos firepower
DNO committed to Kurdish oil
Shell committed to Ukrainian shale
Trending News