Australian energy giant Woodside is exploring how the costs for its Sangomar project, located offshore Senegal, can be reduced and expenditure delayed due to the current coronavirus pandemic and the sudden fall of the oil price.

FAR, one of Woodside’s partners in the project, said in an update on Wednesday that the joint venture partners are working to explore and evaluate all options to preserve and enhance the value of this world-class development in the current oil price and economic environment.