Senegal Expects First LNG Shipment from GTA Project in Early 2025
TLDR
- Senegal expects first LNG cargo from BP's Greater Tortue Ahmeyim project in early 2025, boosting the energy sector.
- Project developments, including Sangomar oil field and contract reviews, position Senegal as a fast-growing economy.
- Yakaar-Teranga gas project progress with final investment decision anticipated in 2024, attracting new investors in the Middle East.
Senegal anticipates its first liquefied natural gas (LNG) cargo from BP’s Greater Tortue Ahmeyim project, a $4.8 billion joint venture with Mauritania, at the beginning of 2025, according to Deputy Energy Minister Cheikh Niane. Initial gas extraction is expected by year-end, marking a significant step for Senegal’s energy sector.
The project, along with the Sangomar oil field development, positions Senegal to be one of the world’s fastest-growing economies. Newly elected President Bassirou Diomaye Faye is currently reviewing existing oil and gas contracts, including those with BP, Woodside Energy, and Kosmos Energy, aiming to enhance terms for Senegal’s state oil company. The review, slated for completion next year, may potentially increase the state’s contract share from 10% to 20%.
Senegal is also advancing its Yakaar-Teranga gas project, for which a final investment decision is expected in 2024. Kosmos, previously partnered with BP, is seeking new investors, with Senegal engaging potential partners in the Middle East.
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Key Takeaways
Senegal’s oil and gas sector is entering a transformative phase with major projects poised to commence production. The government’s contract review reflects a push to secure better terms amid economic challenges, yet renegotiations carry risks. The Natural Resource Governance Institute cautioned that an opaque process could strain investor relations and impact future funding, particularly as multiple projects near production. President Faye’s reforms underscore Senegal’s commitment to maximize benefits from its natural resources, including possibly increasing state stakes in energy projects.
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