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Woodside Achieves First Oil at Sangomar in Senegal By



PERTH, Australia–(BUSINESS WIRE)–Woodside has achieved first oil from the Sangomar field offshore Senegal, marking the safe delivery of the country’s first offshore oil project.

The Sangomar Field Development Phase 1 is a deepwater project including a stand-alone floating production storage and offloading (FPSO) facility with a nameplate capacity of 100,000 barrels/day, and subsea infrastructure that is designed to allow subsequent development phases.

This is an historic day for Senegal and for Woodside (OTC:), said Woodside CEO Meg O’Neill. First oil from the Sangomar field is a key milestone and reflects delivery against our strategy. The Sangomar project is expected to generate shareholder value within the terms of the production sharing contract.

Delivering Senegal’s first offshore oil project safely, through a period of unprecedented global challenge, demonstrates Woodside’s world-class project execution capability. We are proud of the relationships we have formed with PETROSEN, the Government of Senegal and our key international and local contractors to develop this nationally significant resource.

General Manager of PETROSEN E&P Thierno Ly said he was pleased to reach this milestone.

First oil from the Sangomar field marks a new era not only for our country’s industry and economy, but most importantly for our people.

This achievement is the result of the unwavering commitment of our teams, who have worked diligently to overcome challenges and meet our strategic objectives in a complex and demanding environment. We have never been so well positioned for opportunities for growth, innovation, and success in the economic and social development of our nation.

About Sangomar Field Development Phase 1

The Sangomar Field Development Phase 1 features the Léopold Sédar Senghor FPSO, named after the first president of Senegal, which is moored approximately 100 kilometres offshore Senegal. The vessel has a storage capacity of 1,300,000 barrels.

The Phase 1 development includes 23 wells (11 production wells, 10 water injection wells and 2 gas injection wells). 21 of the 23 wells have been drilled and completed including 9 production wells. The RSSD joint venture has also approved a 24th well (production well) that will be completed in the current campaign.

The Sangomar Project is being progressed by the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture, comprising Woodside (Operator and 82% participating interest) and Societé des Petroles du Sénégal (PETROSEN) (18% participating interest).

The Sangomar Field Development Phase 1 project cost estimate remains within the provided range of US$4.9-$5.2 billion. The drilling campaign at Sangomar is ongoing and Woodside expects to continue commissioning activities and safely ramping up production through 2024.

Crude quality is expected to be ~31 degrees API which is in demand in European and Asian markets.

Woodside’s historical acquisition of participating interests in the RSSD joint venture from both Capricorn Energy and FAR included certain contingent payments. Given current timing of first oil and oil prices Woodside anticipates making both these payments. The final payments are subject to ongoing production performance and oil price.


A conference call providing an update on Sangomar first oil with a question-and-answer session will be hosted by Woodside CEO and Managing Director, Meg O’Neill, on Tuesday, 11 June 2024 at 09:30 AWST/11:30 AEST/20:30 CDT (Monday, 10 June 2024).

A separate announcement containing the investor presentation that will be referred to during the conference call will be released shortly.

We recommend participants pre-register 5 to 10 minutes prior to the event with one of the following links:

  • to listen to a live stream of the question-and-answer session
  • to participate in the question-and-answer session. Following pre-registration, participants will receive the teleconference details and a unique access passcode.

This announcement was approved and authorised for release by Woodside’s Disclosure Committee.

Forward-looking statements

This announcement may contain forward-looking statements with respect to Woodside’s business and operations, market conditions, results of operations and financial conditions which reflect Woodside’s views held as at the date of this announcement. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as ˜guidance’, ˜foresee’, ˜likely’, ˜potential’, ˜anticipate’, ˜believe’, ˜aim’, ˜estimate’, ˜expect’, ˜intend’, ˜may’, ˜target’, ˜plan’, ˜forecast’, ˜project’, ˜schedule’, ˜will’, ˜should’, ˜seek’ and other similar words or expressions.

Forward-looking statements are not guarantees of future performance and are subject to inherent known and unknown risks, uncertainties, assumptions, and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers, or representatives. Details of the key risks relating to Woodside and its business can be found in the Risk sections of Woodside’s most recent Annual Report released to the Australian Securities Exchange, Woodside’s Climate Transition Action Plan and 2023 Progress Report, and in Woodside’s filings with the U.S. Securities and Exchange Commission, including Woodside’s Annual Report on Form 20-F. You should review and have regard to these risks when considering the information contained in this announcement.

Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by any forward-looking statements.

Marcela Louzada
M: +61 456 994 243

Christine Forster (Australia)
M: +61 484 112 469

Rob Young (United States)
M: +1 281 790 2805

Source: Woodside Energy Group Ltd

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Explainer-What are the Fed’s bank ‘stress tests’ and what’s new this year? By Reuters




By Pete Schroeder and Michelle Price

WASHINGTON (Reuters) – The U.S. Federal Reserve is due to release the results of its annual bank health checks on Wednesday at 4:30 p.m. ET (2030 GMT). Under the “stress test” exercise, the Fed tests big banks’ balance sheets against a hypothetical scenario of a severe economic downturn, the elements of which change annually.

The results dictate how much capital those banks need to be deemed healthy and how much they can return to shareholders via share buybacks and dividends. This year, big U.S. lenders are once again expected to show they have ample capital to weather any fresh turmoil in the banking sector.


The Fed established the tests following the 2007-2009 financial crisis as a tool to ensure banks could withstand a similar shock in future. The tests formally began in 2011, and large lenders initially struggled to earn passing grades.

Citigroup, Bank of America, JPMorgan Chase & Co, and Goldman Sachs Group (NYSE:), for example, had to adjust their capital plans to address the Fed’s concerns. Deutsche Bank’s U.S. subsidiary failed in 2015, 2016 and 2018.

However, years of practice have made banks more adept at the tests and the Fed also has made the tests more transparent. It ended much of the drama of the tests by scrapping the “pass-fail” model in 2020 and introducing a more nuanced, bank-specific capital regime.


The test assesses whether banks would stay above the required 4.5% minimum capital ratio – which represents the percentage of its capital relative to assets – during the hypothetical downturn. Banks that perform strongly typically stay well above that. The nation’s largest global banks also must hold an additional “G-SIB surcharge” of at least 1%.

How well a bank performs on the test also dictates the size of its “stress capital buffer,” an additional layer of capital introduced in 2020 which sits on top of the 4.5% minimum.

That extra cushion is determined by each bank’s hypothetical losses. The larger the losses, the larger the buffer.


The Fed will release the results after markets close. It typically publishes aggregate industry losses, and individual bank losses including details on how specific portfolios – like credit cards or mortgages – fared.

The central bank typically does not allow banks to announce their plans for dividends and buybacks until a few days after the results. It announces the size of each bank’s stress capital buffer in the subsequent months.

The performance of the country’s largest lenders, particularly JPMorgan, Citigroup, Wells Fargo & Co, Bank of America, Goldman Sachs, and Morgan Stanley, are closely watched by the markets.


The Fed changes the scenarios each year. They take months to devise and test a snapshot of banks’ balance sheets at the end of the previous year. That means they risk becoming outdated.

In 2020, for example, the real economic crash caused by the COVID-19 pandemic was by many measures more severe than the Fed’s scenario that year.

After the failures of mid-size lenders Silicon Valley Bank, Signature Bank (OTC:) and First Republic last year, the Fed was criticized for not having tested bank balance sheets against a rising interest rate environment, and instead assuming rates would fall amid a severe recession.

This year’s test is broadly in line with the 2023 test, with the hypothetical unemployment rate under a “severely adverse” scenario rising 6.3 percentage points compared with 6.4 last year.


The exam also envisages a 40% slump in the prices of commercial real estate, an area of concern over the past two years as lingering pandemic-era office vacancies and higher for longer interest rates stress borrowers.

In addition, banks with large trading operations will be tested against a “global market shock,” and some will also be tested against the failure of their largest counterparty.

For the second time, the Fed is also conducting “exploratory” shocks to banks. This year’s test also includes additional exploratory economic and market shocks which won’t help set capital requirements, but will help the Fed gauge whether it should broaden the test in the future. The market shocks will apply to the largest banks, while all 32 will be tested on the economic shocks.

Fed Vice Chair for Supervision Michael Barr has said multiple scenarios could make the tests better at detecting banks’ weaknesses.


In 2024, 32 banks will be tested. That’s up from 23 last year, as the Fed decided in 2019 to allow banks with between $100 billion and $250 billion in assets to be tested every other year.

These are the banks being tested in 2024:

Ally Financial (NYSE:)

American Express (NYSE:)

Bank of America Corporation (NYSE:)

The Bank of New York Mellon (NYSE:) Corporation

Barclays US LLC

BMO Financial Corp.

Capital One Financial Corporation (NYSE:)

The Charles Schwab Corporation (NYSE:)


Citizens Financial (NYSE:) Group, Inc.

Credit Suisse Holdings (USA)

DB USA Corporation

Discover Financial Services (NYSE:)

Fifth Third Bancorp (NASDAQ:)

Goldman Sachs Group, Inc.

HSBC North America Holdings

Huntington Bancshares (NASDAQ:)

JPMorgan Chase & Co. (NYSE:)


M&T Bank Corporation (NYSE:)

Morgan Stanley

Northern Trust Corporation (NASDAQ:)

The PNC Financial (NYSE:) Services

RBC US Group Holdings LLC

Regions Financial Corporation (NYSE:)

Santander (BME:) Holdings USA

State Street Corporation (NYSE:)

TD Group US Holdings LLC

Truist Financial (NYSE:) Corporation

UBS Americas Holding LLC

© Reuters. FILE PHOTO: An eagle tops the U.S. Federal Reserve building's facade in Washington, July 31, 2013. REUTERS/Jonathan Ernst/File Photo

U.S. Bancorp

Wells Fargo & Company (NYSE:)

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Shadow health secretary ‘disgusted’ by treatment of junior doctors



Changing the NHS’s funding model and introducing an insurance system for dentistry in the UK would be a “dangerous slippery slope”, Labour has said.

Speaking on the BBC’s Today programme, shadow health secretary Wes Streeting said the issues facing the NHS were not down to the funding model, but were due to “where the money goes.”

Labour has promised to create 700,000 extra dental appointments per year if elected, to manage the backlog of patients requiring treatment. 

Streeting said if Labour were to win the election, he would “get the British Dental Association in” to start the process of reforming NHS dentistry. 

“We’ve got to deal with the crisis that is staring us in the face.”

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The best time of day to exercise, according to science



Claire Zulkey, a 44-year-old Chicago-area freelance writer, has a well-established morning routine: She gets her kids off to school, turns the television to a favorite show, and gets moving with a full-body workout. Once completed, Zulkey showers and settles in to work.

Meghan Cully, in contrast, puts in a full day’s work before hitting the gym on her way home. The 32-year-old graphic designer from Maryland is a self-described “slow starter” in the mornings and finds it difficult to get moving early in the day.

Each gets their workout, but is one time of day better than the other? 

Consider your fitness goals 

A small study out of Skidmore College examined the benefits of morning versus evening exercise for both women and men. Paul J. Arciero, Ph.D., professor for health and human physiological sciences department at Skidmore, was the lead investigator. 

“We had the groups follow the same multi-modal routine, randomly dividing them into evening and morning groups,” he says. “We found women and men respond differently to different types of exercise depending on the time of day, which surprised us.”

The study revealed that for women who want to lower blood pressure or reduce belly fat, morning exercise works best. Those women striving for upper body muscle gains, endurance, or overall mood improvement should consider evening workouts.

For the male participants, the findings were somewhat flipped: Evening exercise lowers blood pressure, the risk of heart disease, and feelings of fatigue, while similar to women, they burn more fat with morning exercise. To understand the reasons behind the results, additional research is required.

What might be most ideal, then, says Arciero, is adjusting your workouts to the time of day when you can get the most bang for your buck. “If you’re a female, then, you might want to perform your cardio workouts in the morning, and your strength training in the evening,” he says.

Early birds versus night owls

“For many people, [the best time to exercise] will depend on their chronotype,” says Jennifer J. Heisz, Ph.D., associate professor of kinesiology at McMaster University and author of Move the Body, Heal the Mind.

Chronotype is your body’s natural inclination to sleep at a certain time—it’s what determines whether you’re a night owl or an early bird. For the 25% of the population that considers themselves a night owl, getting both enough sleep and enough exercise can be difficult, says Heisz. 

“Exercising at night can sometimes be challenging with societal norms,” she explains. “You might naturally stay up until midnight and exercise late at night, but if you have to be out the door the next morning at 7, you’re not getting enough sleep.”

Sleep–which provides your body the necessary time to recover and make gains from exercise–should always be a priority when it comes to exercise. Regardless of research on the benefits of certain exercises at particular times of the day, your results will be diminished if it doesn’t allow enough time for sleep.

How to shift your workout time

If your goal is to change up your routine to adhere to Arciero’s findings related to exercise time of day, or simply to make exercise more convenient even if it runs against your chronotype, Heisz says it’s possible. 

“If you’d like to shift to a morning routine, for instance, the good news is that both the sun and exercise can reset your biological cues,” she says. “Put them together by exercising outside in the sunshine, and it’s a powerful effect.”

For older adults, whose tendency is to sometimes awaken too early and not fall back to sleep, the desired shift might be to evening exercise. “This might help with falling asleep later and staying asleep longer,” says Heisz.

If you’re worried that evening workouts will impact your ability to fall asleep, shift your workouts to gentler forms of exercise, like yoga. Avoid vigorous exercise like running, which might elevate your heart rate and make it tougher to wind down. 

For evening exerciser Cully, the trick is working out on the way home from work, which is spaced far enough from bedtime not to impact her sleep. “If I went home first, I probably wouldn’t exercise,” she admits. “But then I have my whole evening to wind down.”

No matter when you prefer to exercise, what’s most important, according to Arciero, is including a multi-modal approach. For his study, Arciero developed a program that does just that, called RISE—resistance training, sprint interval training, stretching, and endurance. “We found that when doing each type of exercise once a week, compliance was higher and so was the benefit,” he explains. 

More on workouts and exercise:

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