Woodside Energy Group (WDS) Status Update summary

Project milestones and operational update

• Achieved first oil from the Sangomar Field offshore Senegal, marking the country's first offshore oil project and a major strategic milestone for both Senegal and Woodside.

• Production capacity for phase I is approximately 100,000 barrels of oil per day, with the FPSO Léopold Sédar Senghor moored 100 km offshore and 1.3 million barrels storage.

• Phase 1 includes 23 wells (11 producers, 10 water injectors, 2 gas injectors), with a 24th producer well approved; 21 of 23 planned wells are drilled.

• Over 80% of phase I production comes from high-quality S500 reservoirs, with a pilot in the more complex S400 reservoirs to de-risk future development.

• Two initial cargoes of Sangomar crude, similar to Oman and Johan Sverdrup grades, have been sold and are expected to go to Europe and Asia.

Financial and fiscal framework

• Senegal's production-sharing contract allows 75% of revenue for cost recovery, with the remainder split and a government share of 15%-25% at expected production rates.

• Corporate income tax is 33%, with an additional 10% branch profit tax applied after income tax.

• The project is expected to be cash tax paying in its first year, with a clear revenue and tax allocation structure.

• Woodside holds an 82% operating interest in Sangomar, with PETROSEN holding 18%.

• Project cost remains within the US$4.9–$5.2 billion range, with contingent payments to previous JV partners anticipated.

Strategic partnerships and local impact

• Completed sale of 10% interest in Scarborough to LNG Japan and agreed to sell a further 15.1% to JERA, reinforcing strategic LNG ties with Japan.

• Signed a long-term LNG offtake contract with KOGAS and secured project funding from JBIC.

• The Sangomar project has employed over 4,400 Senegalese people and spent $177 million with local suppliers, building local capability for operations.

• PETROSEN highlights the achievement as transformative for Senegal's industry, economy, and people.

• Crude quality is ~31 degrees API, suitable for Asian and European refineries, enhancing market flexibility.