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Energy Capital and Power (ECP) – Africa’s leading investment platform for the energy sector – extends its congratulations to Bassirou Diomaye Faye for his election as President of the Republic of Senegal. As the country continues to emerge as a key player in the global energy sector, the change of leadership underscores the country’s commitment to growth. ECP looks forward to the exciting developments that will unfold under President Faye’s leadership.
The Republic of Senegal has made great strides in recent years in developing its energy sector, with ambitious projects such as the Greater Tortue Ahmeyim (GTA) gas field and the Sangomar oil field expected to start production this year. These projects, in collaboration with international partners, demonstrate Senegal’s commitment to harnessing its energy resources for economic growth and regional development. President Faye’s election signals a strong commitment to transparency and economic growth.
The GTA gas field, situated offshore Senegal and Mauritania, is one of the largest gas discoveries in the world in the past decade. With estimated reserves of over 15 trillion cubic feet of gas and first gas production expected by the end of Q3/beginning of Q4, this project has the potential to transform the Republic of Senegal into a major LNG exporter. Similarly, the Sangomar oil field – operated by Australian company Woodside Energy – is set to become Senegal’s first oil-producing asset. With estimated reserves of over 500 million barrels of oil, the Sangomar field represents an opportunity for the Republic of Senegal to diversify its economy and attract further investment into the energy sector. Recently, the Léopold Sédar Senghor FPSO facility reached its destination at the Sangomar Field Development, marking the project’s progress. Scheduled to commence production by mid-2024, Sangomar is expected to achieve a production capacity of approximately 100,000 barrels per day.
Meanwhile, the country’s strategic location within the MSGBC Basin, which encompasses Mauritania, the Republic of Senegal, The Gambia, Guinea-Bissau, and Guinea-Conakry, positions it as a key player in the regional energy landscape. The basin is increasingly recognized as a prolific hydrocarbon province, attracting interest from international oil and gas companies seeking exploration and production opportunities. Under President Faye’s leadership, ECP anticipates a revitalized emphasis on collaboration and cooperation within the MSGBC Basin. President Faye has demonstrated a firm commitment to tackling unemployment and reinforcing local content within Senegal. This presents a unique opportunity to prioritize the upskilling of Senegalese locals and offer them meaningful roles within the energy industry. Given the vast potential within the energy sector, the President faces the crucial task of harnessing these opportunities to alleviate local youth unemployment challenges.
The Republic of Senegal’s imminent entry into oil and gas production, coupled with President Faye’s promise to renegotiate energy contracts, underscores the nation’s determination to maximize its resources while maintaining transparency and mutually-beneficial contracts. President Faye’s reassurance to investors reflects a balanced approach, emphasizing the importance of renegotiation within the framework of respecting agreements made with external partners.
ECP looks forward to working with President Bassirou Diomaye Faye and his administration to support Senegal’s energy ambitions and contribute to the sustainable development of the MSGBC Basin. As the Republic of Senegal embarks on this new chapter, ECP remains committed to promoting investment, innovation, and collaboration in the energy sector for the benefit of all Senegalese and the broader West African region.
