Business
Senegal strikes Oil
Tuesday, October 7, 2014
Senegal announced Tuesday a significant discovery of oil, with at least 250 million barrels in place.
Oil explorer Cairn Energy and its joint venture partners indicated that more exploration work offshore Senegal is already planned, the company said on Tuesday.
The companies encountered 29 meters (95 feet) of net oil bearing reservoir at the FAN-1 well, located around 100 km (62 miles) off the coastline and 1427 meters (4700 feet) deep.
“We have encountered a very substantial oil bearing interval which may have significant potential as a standalone discovery,” said Cairn Energy chief executive Simon Thomson.
West Africa continues to generate interest from regional and international energy companies eager to tap into unexploited reserves.