Woodside and Cairn Energy awarded FEED contracts for Senegal’s first oil project, a key step before a final investment decision expected in mid-2019, Woodside said on Dec. 17.

The project’s first phase targets the unlocking of an estimated 230 million barrels of oil via a FPSO with a capacity of around 100,000 barrels a day.

First oil production is expected in 2022.

Woodside operates the project with a stake of 35%, with Cairn holding 40% and Far Ltd. and the Senegal National Oil Co. the rest.

“We believe, over the next 9 [to] 12 months, there is the potential to realize value from the ... development offshore Senegal,” RBC said in a note on Cairn.

Banking sources and a Senegal oil ministry source told Reuters last year that BP, which has other projects in the same waters, was in talks with Cairn to buy a 30%t stake in the project which could be valued at around $600 million.