Senegal joins group of leading natural gas exporting countries
TLDR
- Senegal joins Gas Exporting Countries Forum (GECF) as observer member, positioning itself as a major player in the gas industry.
- Dakar becomes 20th member of GECF, joining other African nations like Nigeria, Angola, and Algeria.
- Senegal to become full GECF member upon production from Grand Tortue Ahmeyim gas field, with estimated 900 billion cubic meters reserves.
Senegal is advancing its position as a significant player in the gas industry by joining the Gas Exporting Countries Forum (GECF), a coalition of major gas exporters worldwide, as an observer member.
With this move, Dakar becomes the 20th member of the organization, joining eight other African countries: Nigeria, Angola, Algeria, Libya, Egypt, Equatorial Guinea, and Mauritania. The ministerial accession took place during the 24th conference of the forum held in Algiers, Algeria.
Senegal's membership will be formalized as a full member once the Grand Tortue Ahmeyim (GTA) natural gas field, located on the border between Mauritania and Senegal, begins production next year. The GTA field boasts estimated reserves of 900 billion cubic meters.
Key Takeaways
The Gas Exporting Countries Forum (GECF), often referred to as the "OPEC of gas," may not wield the same level of influence as its oil counterpart, OPEC, but amid a global energy crisis, its geopolitical significance is increasingly pronounced. The GECF controls approximately 70% of global gas reserves and contributes 43% of global gas production. The GECF is dedicated to upholding the sovereign rights of its member nations over their natural gas resources. It supports their autonomy in planning and managing the sustainable, environmentally friendly development, utilization, and conservation of these resources for the betterment of their populations.
Think someone else should see this?
To invest in this opportunity and other opportunities across Africa
Download the daba finance app on your mobile through
Take action.
Download app
Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.
Partner with us
Unlock exciting business opportunities and growth potential.
Join Daba
Become a part of our vibrant community and enjoy exclusive benefits.
Contact us
Reach out to us for inquiries, support, or collaboration.