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Senegal's first offshore oil project begins production

Senegal has begun production at its inaugural offshore oil project, as announced by Australian group Woodside Energy on Tuesday. The vessel, positioned 100 kilometers offshore at the Sangomar oil fields, aims to produce 100,000 barrels of oil per day.

The discovery of oil and gas off Senegal's coast in 2014 sparked hope for significant economic transformation through substantial revenue generation. The new government, elected earlier this year, is committed to reviewing and renegotiating oil and gas contracts to ensure more favorable terms for Senegal. President Bassirou Diomaye Faye emphasized the importance of managing natural resources for the benefit of the people, announcing plans for transparency and audits in the sector.
Prime Minister Ousmane Sonko reiterated the government's commitment to ensuring the country receives its fair share of profits. Woodside Energy holds an 82% stake in the project, while state-owned Petrosen holds the remaining share, expecting the sector to generate over $1 billion annually for the next 30 years.
Additionally, Senegal is set to start extracting liquefied natural gas at the Greater Tortue Ahmeyim LNG project, involving BP, Kosmos Energy, SHM, and Petrosen, by the end of this year. This project aims to produce 2.5 million tons of LNG annually.
Source : www.prjoil.com
Posted On: 7/1/2024 12:00:00 AM

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