Oil: Senegal joins the OPEC club

Oil: Senegal joins the OPEC club
Oil: Senegal joins the OPEC club

Following the official launch of the production of the first barrels of oil from the Sangomar platform by Senegalese President Bassirou Diomaye Faye, the Organization of the Petroleum Exporting Countries (OPEC) formalized, on July 1, 2024, the membership of the country of Teranga. An announcement that comes four months after its membership in the Gas Exporting Countries Forum (GCEF).

Senegal will thus benefit from the control and regulation mechanisms allowing the stabilization of prices; benefit from the experience of the elders and take full advantage of the immense revenues from black gold. The first commercial cargo should be ready for delivery at the beginning of July, according to the Senegalese authorities. Production projections are estimated at 11 million barrels in 2024 for a capacity of 630 million barrels.

In July 2022, Senegal enthusiastically announced revenue forecasts of around 888 billion CFA francs in revenue over the period 2023-2025, with in particular 59 billion in 2023, the year production starts, 327 billion in 2024 and 501 billion in 2025. Forecasts that are far too enthusiastic according to the IMF, whose services estimated last April that during the first five to six months, production will not really be able to start. Experts believe that this period is devoted to the test phase, judging that exploitation will not begin to be viable or optimal until the end of November 2024.

-

-

PREV Donald Trump, injured but stronger than ever
NEXT To lower electricity prices, the next government will have to change the rules