Oct. 31 (UPI) -- The majority of the budget for 2018 will be targeted to the development of major oil discoveries off the coast of Senegal, FAR Ltd. said Tuesday.
FAR Ltd. is working alongside partners tapping the emerging basins off the coast of West Africa. The broader West African basin is gaining a reputation as an emerging producer and Senegal in particular could hold more than 1.5 billion barrels of oil off its coast
The Australian company in an update on first-half operations said that, as of June 30, it had more assets than liabilities, with cash and cash equivalents of $91.3 million on hand. FAR is committed to $14 million toward the development of Senegal's offshore oil.
"The majority of FAR's 2018 budget, as per previous years since our oil field discoveries, will be spent on the Senegal project," managers said in a statement.
FAR and British company Cairn Energy, the operator, in August discovered oil at the so-called Sirius Prospect in waters just to the north of the SNE oil field in Senegal. Cath Norman, the managing director at FAR, said it's the 11th successful well so far in the campaign.
The initial oil discovery at the SNE field was made in 2014 and the find was quickly lauded as one of the largest. The SNE oil field met the minimum threshold to be considered a commercial opportunity by the third quarter of 2016.
Cairn, which has headquarters in Edinburgh, leads a joint venture targeting oil opportunities off the coast of Senegal. The Scottish company said most of the wells offshore Senegal have been completed ahead of schedule and under budget since operations began in 2014.