Woodside Energy (ASX:WDS) has performed a cost and schedule review of the Sangomar Field Development Phase 1 project.

The Group said it followed the identification of unexpected remedial work needed on the floating production storage and offloading (FPSO) facility.

As a result, the first oil production is now targeted for mid-2024 and the total project cost is expected to increase by 7-13% from the previous estimate of $US4.6B to $US4.9 - $US5.2B.

As of 30 June 2023, 88% of the project was complete, with the subsea installation campaign 76% complete, and the project is expected to proceed on an adjusted schedule with no impact on Woodside’s production guidance for 2023.