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What's Going On With Woodside Energy Shares Premarket Tuesday?

Lekha Gupta
June 11, 2024

Woodside Energy Group Ltd (NYSE:WDS) shares are trading lower in the premarket today. The company stated that it achieved its first oil from the Sangomar field offshore Senegal.

The Sangomar Project is being developed by the Rufisque Offshore, Sangomar Offshore, and Sangomar Deep Offshore (RSSD) joint venture, which includes Woodside (Operator, 82% interest) and Societé des Petroles du Sénégal (PETROSEN, 18% interest).

The Sangomar Field Development Phase 1 is a deepwater project that features a standalone floating production storage and offloading (FPSO) facility with a capacity of 100,000 barrels per day and subsea infrastructure designed for future development phases.

Phase 1 includes the Léopold Sédar Senghor FPSO, named after Senegal’s first president. The vessel, which is located 100 kilometers offshore, can store 1.3 million barrels.

The Sangomar Field Development Phase 1 includes 23 wells: 11 production, ten water injections, and two gas injections. So far, 21 wells, including nine production wells, are complete.

The Sangomar Field Development Phase 1 project cost estimate remains within the provided range of $4.9 billion – $5.2 billion. It expects to continue commissioning activities and safely ramp up production through 2024.

CEO Meg O’Neill said, “First oil from the Sangomar field is a key milestone and reflects delivery against our strategy. The Sangomar project is expected to generate shareholder value within the terms of the production sharing contract.”

“Delivering Senegal’s first offshore oil project safely, through a period of unprecedented global challenge, demonstrates Woodside’s world-class project execution capability. We are proud of the relationships we have formed with PETROSEN, the Government of Senegal and our key international and local contractors to develop this nationally significant resource.”

Also Read: Woodside’s JV Takes Flight: Partners With Yara Pilbara To Capture Carbon

Price Action: WDS shares are down 1.97% at $17.89 premarket at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Shutterstock

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