The Sangomar Field Development Phase 1 has entered the execute phase of activities.
The key contractors for the development are MODEC, Inc., Subsea Integration Alliance and Diamond Offshore.
The joint venture has received regulatory approval to proceed, including the signing of the Host Government Agreement with the Government of Senegal.
Woodside CEO Peter Coleman says "the Sangomar Development is a major pillar of Woodside’s growth strategy with substantial upside from potential future phases".
Shares in FAR (ASX:FAR) closed 2.3 per cent lower at $0.04 on Friday.