StockMarketWire.com - Cairn Energy said it and joint venture partners Woodside and FAR had made a final investment decision to develop the Sangomar oil field in Senegal.
The news followed the receipt last week of a 25-year exploitation authorisation from the African nation's government.
Phase one of the development would target proved and probable reserves (2P) of 231m barrels.
Over the life of the field, total recoverable oil resources were estimated to be around 500m barrels with the development also planning gas export to shore.
Woodside, as operator of the joint venture, had completed the purchase contract for a floating production storage and offloading facility and issued full notices to proceed for the drilling and subsea construction and installation contracts.