ABN - A large-scale oil basin off the coast of Senegal continues to better expectations as Australian firm FAR Ltd conducts drilling studies.
FAR also said its 3,000-square mile flagship basin was in a strong position for growth due to low costs and good appraisals, in a recent report to shareholders.
The two fields, FAN-1 and SNE-1, were discovered in late 2014, which drastically altered global industry perceptions of the region’s potential for petroleum development.
The energy company is currently drilling the second of three appraisal wells planned in 2017, with each completion pushing the estimated volume of reserves higher thus far.
"We anticipate that the SNE field will continue to grow in size as we complete the appraisal drilling program and head towards finalising development plans for the field," said FAR chairman Nic Limb.
"If the oil and gas potential of these reservoirs is confirmed, Senegal's oil and gas industry has the potential to radically transform the country.”
Interest in the Senegalese oil market has peaked in recent years following FAR’s discovery of these highly prospective fields, which have the potential to mark the beginning of a national oil boom.