SENEGAL · ENERGY
Key Facts
- —What is happening Woodside’s quarterly report, dated Tuesday 20 October 2026, shows its Sangomar oil field off Senegal earned US$659 million in the third quarter, down from US$763 million in the second quarter.
- —Why it matters Sangomar supplies about 15% of Woodside’s quarterly revenue, and its smaller share of each barrel after cost recovery means output falls faster for the company than for the field.
- —The numbers Revenue was US$659 million in the quarter and US$1,946 million (about US$1.9 billion) in nine months, up 32.6%, while Woodside’s share of output fell 14% in the quarter to 6.758 million barrels.
- —Who is who Woodside is the Australian oil and gas company, listed in Australia and New York, with a 78.01% share of Sangomar, the offshore Senegal field that averaged 94,000 barrels a day.
- —What to watch Senegal has published no official third quarter oil revenue, and Woodside’s next quarterly report will show whether the production share keeps falling after the cost recovery.
- —What it means for you US holders of Woodside’s New York shares own exposure to a field that supplies about 15% of its sales, while Senegal is negotiating a US$2.2 billion IMF loan.
Woodside’s own quarterly report shows Sangomar revenue of US$659 million in the third quarter, 13.6% below the second quarter. Over nine months the Senegal field earned the company US$1.9 billion, up a third on 2025.
Woodside Energy’s Sangomar oil field off Senegal earned the company US$659 million in the third quarter of 2026. That is 13.6% below the US$763 million of the second quarter.
Over nine months, Sangomar revenue reached US$1,946 million (about US$1.9 billion), up 32.6% on 2025. Woodside dated its report Tuesday 20 October, and Seneweb, a Dakar news site, analysed it on Friday 23 October.
Woodside trades in New York as WDS, so the figures reach US portfolios directly. Sangomar supplied about 15% of its US$4,281 million quarterly operating revenue.
What Woodside’s Report Shows About Sangomar Revenue
The report puts Sangomar revenue at US$659 million for the quarter ended 30 September, against US$477 million a year earlier. That is a rise of about 38% on the third quarter of 2025.
Woodside’s share of Sangomar oil production was 6.758 million barrels in the quarter, down 14.0% from 7.854 million in the second quarter. It was also 10.1% below the 7.516 million barrels of the third quarter of 2025.
Over nine months, Woodside’s share came to 21.764 million barrels, against 21.922 million in 2025, a fall of 0.7%. Revenue rose 32.6% in that time, from US$1,468 million to US$1,946 million.
The whole field averaged 94,000 barrels a day in the quarter, of which 73,000 belonged to Woodside. In the second quarter the whole field averaged 99,000 barrels a day.
Why Woodside’s Share Fell Faster Than the Field
The whole field’s rate fell about 5%, from 99,000 to 94,000 barrels a day, between the second and third quarters. Woodside’s share of volumes fell 14%, so field decline explains only part of the gap.
Woodside gives two reasons: natural field decline and a smaller net entitlement under the production sharing contract. A production sharing contract divides the oil between the state and the operating companies.
The smaller entitlement follows Woodside’s recovery of 100% of the pre-FID costs it funded. Pre-FID costs are money spent before the final investment decision that launched the project.
Woodside reported reliability of 99.2% at Sangomar, its measure of how consistently the facilities ran. The report does not say how the state’s share changed, and it does not publish Senegal’s income from the field.
Why Sangomar Revenue Fell From the Second Quarter
Barrels sold barely moved, so price looks like the main driver of the quarterly drop. Woodside’s Sangomar sales volume was 6.932 million barrels, up 1.0% from 6.865 million in the second quarter.
Woodside’s realised price for oil and condensate across its portfolio was US$93 a barrel, down from US$107 in the second quarter. That is a 13% fall, close to the 13.6% drop in Sangomar revenue.
The report lists Dated Brent, a global oil benchmark, at US$97 a barrel, against US$105 in the second quarter. A year earlier it stood at US$69.
Against a year earlier, Woodside’s realised oil and condensate price rose 37%, from US$68 to US$93 a barrel. Sangomar revenue rose about 38% over that year, even though the company’s production share fell 10.1%.
Sangomar Inside Woodside’s Quarter
Woodside’s operating revenue was US$4,281 million in the quarter, up 2% on the second quarter and 27% on a year earlier. Sangomar’s US$659 million was about 15% of that total.
Group production was 46.2 million barrels of oil equivalent, up 12% on the second quarter after Australian plant maintenance ended. Woodside narrowed its 2026 production guidance to 174 to 181 million barrels of oil equivalent, from 174 to 185 million.
Over nine months, Sangomar’s US$1,946 million was about 17% of Woodside’s US$11,727 million operating revenue. The report calls reliability above 99% at Sangomar, the Pluto and North West Shelf LNG plants a highlight.
What Senegal’s Own Budget Figures Show
Le Soleil covered Senegal’s first half 2026 budget execution report on 12 September. It shows non-tax revenue of 124.2 billion CFA francs (about US$212 million), up 6.5%, partly from hydrocarbons, with no amount given.
Total government revenue was 2,617.3 billion CFA francs (about US$4.48 billion), or 44.1% of the 2026 target. Conversions use the euro peg of 655.957 CFA francs and the euro rate of 23 October 2026, about 584.82 per US$.
None of those figures isolates what the state receives from Sangomar. Seneweb says Senegal has published no official oil revenue figure for the third quarter.
The IMF says Senegal’s economy grew 6.7% in 2025 as oil production entered its first full year. On 1 September IMF staff agreed a 36 month loan of about US$2.2 billion with Senegal, pending board approval.
What It Means for US Readers
Woodside is listed on the New York Stock Exchange as WDS, so US investors hold a share of Sangomar through the company. Sangomar supplied about 15% of its third quarter operating revenue and about 17% over nine months.
The quarter’s revenue drop tracks a lower realised oil price, while sales volume rose slightly. Output is the longer term question, because Woodside cites natural field decline.
The United States is the IMF’s largest shareholder, and the Fund’s Senegal loan of about US$2.2 billion still needs board approval. The IMF says Senegal’s authorities intend to seek a debt treatment to restore debt sustainability.
What Is Not Known
Woodside’s report does not give the Senegalese state’s share of Sangomar revenue, so the state’s income from the field cannot be calculated. It gives a portfolio oil price, not a Sangomar price.
The report does not explain why Woodside’s sales volume rose while its production share fell. It gives no decline rate for the field.
Woodside’s own website refused access, so the figures come from the full report text published through Business Wire. Seneweb says the authorities have published no official third quarter oil revenue, and none was found.
What Comes Next
Woodside’s next quarterly report will show whether Sangomar’s production share keeps falling after the cost recovery. The report reviewed gives no date for that release.
Senegal’s third quarter budget execution report would be the first official check on the state’s oil income. The IMF board has yet to approve the US$2.2 billion loan.
Frequently Asked Questions
How much revenue did Woodside earn from Sangomar?
Woodside reported Sangomar revenue of US$659 million in the third quarter of 2026 and US$1,946 million over nine months. The nine month figure is up 32.6% on 2025.
Why did Sangomar output fall in the third quarter?
Woodside cites natural field decline and a smaller net entitlement under the production sharing contract. The whole field averaged 94,000 barrels a day, down from 99,000 in the second quarter.
What is a production sharing contract?
It is an agreement that divides the oil from a field between the state and the companies that develop it. Woodside says its net entitlement fell after it recovered its early costs.
How much does Senegal receive from Sangomar?
Woodside’s report does not say, and Seneweb says Senegal has published no official oil revenue for the third quarter. The state’s share cannot be calculated from the company’s figures.
Can US investors own a stake in Sangomar?
Woodside shares trade in New York under the ticker WDS, and Woodside holds a 78.01% share of Sangomar. Sangomar supplied about 15% of Woodside’s quarterly operating revenue.
Sources: Woodside Energy, Third Quarter Report for Period Ended 30 September 2026 (Business Wire text); Seneweb, 23 October 2026; Le Soleil, 12 September 2026; IMF press release 26/282, 1 September 2026 (all accessed 23 October 2026).