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African Energy Week in Cape Town to highlight Senegal’s oil and gas achievements and promote increased investment in Africa’s leading emerging market

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African Energy Week in Cape Town to highlight Senegal’s oil and gas achievements and promote increased investment in Africa’s leading emerging market

By promoting the various achievements of CIOs and national oil companies in Senegal, the event further positions the country as one of Africa‘s leading hydrocarbon markets.

JOHANNESBURG, South Africa, October 7, 2021 / APO Group / –

Senegal’s energy industry is one of Africa’s most watched energy sectors in 2021, with its significant oil and gas projects drawing both regional and international attention. Committed to harnessing the power of its oil and gas resources to stimulate socio-economic growth and regional energy expansion, and supported by a national development model – the Emerging Senegal Plan – Senegal works in collaboration with international oil companies ( IOC) and regional partners to position itself as a globally competitive hydrocarbon producer. In 2021, the country has made several significant achievements regarding its two main energy projects, and during African Energy Week (AEW) 2021 in Cape Town and MSGBC Oil, Gas & Power 2021 in December, these progress will be promoted and celebrated.

Leading the growth of natural gas in Africa

As one of Africa’s main natural gas markets, with more than 450 billion cubic meters of reserves, Senegal is actively pursuing the expansion of its industry with the aim of making the country a regional producer and exporter of gas. Its largest project, the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project, is the continent’s deepest offshore project and is expected to release around 15 trillion cubic feet of gas. Jointly developed by BP, Kosmos Energy, Société des pétroles du Sénégal (Petrosen) and Société mauritanienne des hydrocaralités (SMHPM), with BP as operator, the project has set a high standard for other African gas markets seeking to improve their performance. development.

In 2021, the project made significant progress, with phase 1 reaching 58% completion by the end of the first quarter. With Phase 1 expected to be 80% complete by the end of 2021, the project is on track to achieve first gas production and delivery in 2023. As of August 31, 2021, the GTA project was approximately 65% ​​complete . In addition, project co-developer Kosmos Energy announced the finalization of the sale of the floating, production, storage and offloading (FPSO) vessel GTA, resulting in additional funding for future costs of development of the company on the project. Despite COVID-19 delays, the project is moving forward, demonstrating the value of political will, industry collaboration, and gas-focused investments.

Recently, the African Energy Chamber (AEC) met with Senegalese oil companies, with high-level discussions on how to strengthen local content and support the progress of national oil and service companies in the emerging energy sector. natural gas in Senegal. The government of Senegal and the AEC are committed to strengthening the national natural gas market, recognizing the role that national oil companies will play in stimulating investment and development. As a result, the discussions highlighted the value of improving fiscal conditions, making them more attractive to oil companies, as well as capacity building, and how oil companies can and should support each other in the country’s energy growth. .

In line with this objective, and with an emphasis on national capacity building, the ACS is committed to supporting both the next MSGBC Oil, Gas & Power 2021 conference, to be held in Dakar on 2-3 December, and HE President Macky Sall as he leads the country into a new era of industry expansion. The event is considered the official energy event of HE President Macky Sall in 2021, organized by Energy Capital & Power and in partnership with the Ministry of Petroleum and Energy, Petrosen and Cos-Petrogaz. Following the AEW 2021 program to promote opportunities and investments in Senegal’s lucrative natural gas sector, MSGBC Oil, Gas & Power 2021 will feature presentations and collaborative discussions on the future of Senegal’s energy industry. .

Senegal’s petroleum developments are advancing

Meanwhile, on the oil front, Australian oil and gas company Woodside Energy has finalized the acquisition of FAR’s entire stake in the development of Sangomar – covering FAR’s stake in the Rufique Offshore joint venture, Sangomar Offshore and Sangomar Deep Offshore (RSSD). With Sangomar’s development comprising the country’s first offshore oil development, with an estimated production target of 231 million barrels of oil, the acquisition is expected to accelerate development, positioning the country as one of the major oil producers.

The development of the Sangomar field remains on track for first oil in 2023. Notable achievements in 2021 include the arrival of the VLCC tanker at the shipyard for conversion to FPSO in January 2021 and the launch of the drilling campaign. The launch includes Phase 1 of offshore development with two drilling vessels, the Ocean BlackRhino and the Ocean BlackHawk performing the drilling. In August 2021, drilling was 35% complete, demonstrating that the project remains on track and is progressing at a satisfactory pace.

With a strong Senegalese delegation that came to Cape Town in November, led by HE Aissatou Sophie Gladima, Minister of Petroleum and Energy, as well as the Senegalese national oil company, Petrosen, and the COS-Petrogaz strategic organizing committee, the significant opportunities and sector of the country major achievements will be presented to global stakeholders. AEW 2021 has placed oil and gas at the center of Africa’s energy strategy and by promoting the various achievements of CIOs and national oil companies in Senegal, the event further positions the country as one of the main markets for Africa. hydrocarbons from Africa.

AEW 2021, in partnership with the South African Department of Mineral Resources and Energy DMRE, is the AEC’s annual conference, exhibition and networking event. AEW 2021 brings together African energy players with international investors and partners to drive industry growth and development and promote Africa as a destination for energy investments.

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