F ollowing the withdrawal of British Petroleum from the project, the Senegalese company Petrosen is asking Middle Eastern oil companies as well as Sonatrach to invest in the major Yakaar-Teranga gas project in 2025.
This is an immense gas deposit estimated at 25,000 billion cubic feet of recoverable gas (708 billion m3) which awaits development, and whose first phase requires an investment between 5 and 6 billion dollars and is expected to produce four million tonnes per year for export markets and provide a volume of 150 million standard cubic feet for internal consumption and power plant supply.
Once completed, the project is expected to produce a volume of 5.8 billion m3 per year of natural gas. “Our goal is to reach the final investment decision in the project by mid-2025, if all goes well,” says Thierno Ly, president and CEO of Pestrosen, in a statement to Reuters. .
And added: “We are looking for international oil companies, companies from the Middle East and Algeria. We are also willing to discuss with commercial companies.” The Senegalese company is already in partnership with the American Kosmos Energy (KOS), whose stake increased from 30 to 90% of the project after BP withdrew last year due to a dispute with the Senegalese government regarding the final destination of the gas production.
BP, which held 60% of the project, wanted to export the entire production while Senegal opted to primarily supply the local market. The gas field is located off the Senegalese coast and can offer the opportunity to interested companies to develop their international experience, particularly in offshore exploration.
Senegal, which wants to develop its position as an energy supplier, also plans to export its first cargo from the Tortue Ahmeyim liquefied gas project, developed by BP, at the beginning of next year.
The project, which is operated jointly with Mauritania, “is on the right track”, affirmed Cheikh Niane, Senegalese Deputy Minister of Energy, during the Adipec-2024 Conference in Abu Dhabi. The development of this project, the start of which was delayed, should boost Senegal’s growth and place it as the most successful economy in West Africa.
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