Cairn Energy PLC said Thursday that, with its joint venture partners, it submitted the development & exploitation plan for the SNE field in offshore Senegal to the government of Senegal for approval.

The FTSE 250-listed company, which holds a 40% stake in the joint venture, said approval is targeted for later this year.

The plan outlines the full multi-phase development of oil & gas. The field will be developed in a series of phases with plans for 500 million barrels of oil and gross production of 100,000 barrels of oil per day, with first oil targeted in 2022.

Cairn, which used to be the operator of the field, added that JV partner Woodside Energy BV, holder of a 35% interest in the field, has exercised its option to become operator, with approval subject only to government consent.

Other partners in the joint venture include FAR Ltd with a 15% working interest and Petrosen with a 10% stake.

Cairn shares were trading down 0.5% at 185.50 pence each on Thursday.

By Elena Cherubini; elenacherubini@alliancenews.com

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Source: Morningstar