Sangomar project FPSO - FAR Lomited

New CFO elected as FAR moves to finalise Sangomar sale

Australia’s oil and gas company FAR Limited has announced the departure of its current and the appointment of a new chief financial officer (CFO).

Sangomar project FPSO; Source: Woodside

FAR Limited on Tuesday announced the forthcoming departure of CFO Peter Thiessen.

According to the company, Thiessen will finish with FAR in July following a hand-over period with incoming CFO, Victoria McLellan.

McLellan is currently FAR’s Group Joint Venture and Finance Manager.

FAR Managing Director, Catherine Norman, commented: “As we move towards finalising the sale of our Senegal asset, the board is continuing the restructuring of the business that commenced in 2020.

“I thank Pete for his many years of dedicated service, he has been an important and valued member of the FAR executive team for the past ten years. His contribution to the company through the original farmout of the Senegal asset through discovery to today has been terrific and on behalf of the Board and the FAR team, I extend my best wishes to Pete for the future.

“I also congratulate Vicky on her well-deserved promotion and welcome her to the executive team. Vicky has been with FAR for 4 years and has over 19 years of experience in oil and gas accounting.

“Vicky has previously worked for Chevron, KCA Deutag and PricewaterhouseCoopers. Vicky will be working with the executive as we transform the company and prepare for a new future”.

To remind, FAR executed a sale and purchase agreement with Woodside related to the sale of its interest in the Senegal RSSD Project in January 2021.

FAR shareholders have recently approved the sale of the company’s Senegal RSSD project, which contains the Sangomar field, to Woodside.

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The approval of the sale to Woodside brought to a close a very long sequence of events in which several companies had attempted to either buy FAR’s stake in the RSSD project or simply buy the entire company.

When it comes to the development of the Sangomar project, Chinese shipyard Cosco Shipping Heavy has already started working on a conversion of a very large crude carrier (VLCC) into floating production storage and offloading (FPSO) vessel for the Woodside-operated project.

The vessel had been named FPSO Léopold Sédar Senghor and the conversion will take around two years. First oil production from the FPSO is targeted for 2023.