ADF STAFF
Senegal in June 2024 joined the ranks of oil-producing nations in Africa, with output expected to be up to 100,000 barrels per day and revenues expected to approach $1 billion a year for three decades.
President Bassirou Diomaye Faye, who was elected in April 2024, said profits from oil and natural gas sales will be “well managed,” and he told students in June that an “inter-generation fund” had been set up to benefit them and generations to come, according to Agence France-Presse.
Australia’s Woodside Energy holds 82% of the Sangomar oil and gas field being developed off the coast about 100 kilometers south of Dakar. State-owned energy company Petrosen holds the rest. Work started in the field in early 2020, and the first barrels of oil were extracted on June 10, 2024.
This first phase of development will target 230 million barrels of crude oil, Reuters reported.
It’s expected to cost $4.9 billion to $5.2 billion to extract oil from Sangomar, according to Turkish news site TRT Afrika.
“We have never been so well positioned for opportunities for growth, innovation and success in the economic and social development of our nation,” Petrosen General Manager Thierno Ly told the BBC.
Sangomar is a deepwater field, where extraction involves drilling into the ocean floor, according to TRT Afrika. Even with the 100,000-barrel-per-day output, Senegal will produce far less that nations such as Algeria, Angola, Libya and Nigeria, all of which produce more than 1 million barrels per day.
The post Senegal Joins Oil-Producing Nations first appeared on Africa Defense Forum.
The post Senegal Joins Oil-Producing Nations appeared first on Africa Defense Forum.
