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Senegal is moving ahead on flagship projects in 2024 and working to attract new investment in exploration, reported its national energy company Petrosen at the MSGBC Oil, Gas & Power 2023 conference in the Islamic Republic of Mauritania on 22 November.
The company held a Senegal investment showcase, looking at exploration, investment conditions and the history of its hydrocarbons industry. Arsène Frederic Boissy, Head of the Promotion Department at Petrosen E&P, also provided delegates with updates on the Sangomar, Greater Tortue Ahmeyim (GTA) and Yakaar Teranga projects.
Boissy confirmed that the GTA project, in the maritime territory of Senegal and Mauritania, is at 90% execution and that first gas is expected in the first quarter of 2024. The project will produce 2.5 megatonnes per annum of LNG in its first phase, with an investment of $4.8 billion. The Sangomar project, developing reserves of 650 billion barrels of oil, is also at 90% execution and first oil is expected in second quarter 2024. Drilling is ongoing on the $4.6-billion first phase of the project.
The Yakaar Teranga gas project, Boissy said, is expected to reach final investment decision in 2024. It is expected to require $2-3 billion in investment and to produce 150 mscf/d for 20 years.
“Our main objectives of this project is to supply low cost power through gas to power facilities. Our second objective is to develop local industry, including fertilizer and petrochemicals,” Boissy stated. Earlier this month it was announced that operator bp would exit the project, with Kosmos Energy taking over operatorship and Petrosen retaining its 10-percent share. The partners are open to a new investor entering the project, Boissy noted.
Senegal has acquired 60,900km of 2D seismic and 27,150 km2 of 3D seismic data with 180+ exploration wells drilled. Nevertheless, Petrosen reported, the country is still considered underexplored. Sixteen offshore and five onshore blocks are open for investment. The presentation highlighted technical details of the prospectivity of Senegal’s sedimentary basins, and then reviewed tax and fiscal details in Senegal’s production sharing contract regime.
“Why invest in Senegal? Our petroleum systems have been identified and proved … we have identified presence of good reservoirs in the north and south, our country is democratic and stable and we have good institutions that can help business develop quickly and profitably,” Boissy concluded.
