Senegal is preparing to receive its first shipment of liquefied natural gas (LNG) in early 2025 from the Greater Tortue Ahmeyim (GTA) project, carried out in partnership with Mauritania and the BP company. This milestone, representing an investment of $4.8 billion, is seen as a boost for the Senegalese energy sector.
The commissioning of the GTA project, as well as that of the Sangomar oil field, positions Senegal among the world’s fast-growing economies. The government, under the leadership of President Bassirou Diomaye Faye, is currently conducting a thorough review of existing oil and gas contracts, including those with BP, Woodside Energy and Kosmos Energy. This revision aims to improve the terms for the Senegalese national oil company and could, from next year, make it possible to double the State’s share in certain contracts, going from 10% to 20%.
At the same time, the Yakaar-Teranga gas project continues to progress, with a final investment decision expected in 2025. Looking for new partners, particularly in the Middle East, Kosmos Energy is exploring investment avenues to support this strategic project .
The Senegalese oil and gas industry is thus at a decisive turning point, where several projects are close to being put into production. The renegotiation of contracts reflects the desire of the Senegalese state to make better use of its natural resources, in a complex global economic context.
The reforms initiated by President Faye reflect Senegal’s ambition to maximize the economic benefits of its natural resources, by potentially increasing state participation in energy projects. These steps demonstrate a strategic desire to strengthen energy sovereignty and guarantee sustainable economic development for the country.
Senegal
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