By Sofia Christensen
DAKAR (Reuters) – Senegal’s newly elected President Bassirou Diomaye Faye on Wednesday said his government would conduct an audit of the West African nation’s oil, gas and mining sectors.
The announcement followed a campaign promise to re-negotiate the terms of oil, gas and mineral contracts with foreign operators in the country, which is set to begin producing oil and gas this year.
The following are the main companies operating in Senegal’s oil and gas sectors:
BP
BP and U.S.-listed Kosmo Energy are leading the development of Greater Tortue Ahmeyim (GTA), Senegal’s first liquefied natural gas (LNG) project.
GTA, a floating facility straddling the border between Senegal and Mauritania, will produce 2.3 million tonnes of LNG per year in its first phase.
BP is the project’s operator, with a 56% stake. Kosmos Energy holds a 27% stake. Senegal, through its national oil company Petrosen, holds 10%, and Mauritania, through its SMHPM oil company, 7%.
KOSMOS ENERGY
Kosmos Energy entered the Senegal oil and gas sector in 2014 with the acquisition of stakes in the Cayar and St. Louis offshore blocks where the GTA is located. It has become the operator of the Yakaar-Teranga gas field with a 90% working interest after BP decided to exit the field.
Yakaar-Teranga is estimated to be one of the world’s largest gas discoveries in recent years and holds around 25 trillion cubic feet (tcf) of “advantaged” gas – or gas that can be quickly brought into production, according to the company.
WOODSIDE ENERGY
Australia’s Woodside Energy holds 82% of the Sangomar oil and gas field being developed off the coast of Senegal. Petrosen holds the rest.
The Sangomar field is located approximately 100 kilometres (62 miles) south of Senegal’s capital Dakar. Work commenced in early 2020 and first oil production is expected in mid-2024.
This first phase of development will target 230 million barrels of crude oil.
TOTAL
The French energy major signed an agreement in 2017 to explore for oil and gas off Senegal’s Atlantic coast.
Under the deal, Total is exploring in the deepwater Rufisque and Ultra Deep Offshore blocks where it is the operator and holds 90% and 70% stakes respectively.
ORANTO
Nigeria’s privately-held Oranto Petroleum is exploring two undrilled oil blocks off the coast of Senegal, the Cayar Shallow, now open to farm-in partners, and the St Louis Shallow, which it entered in 2015.
Senegal’s mining sector is mainly focused on gold, phosphate and zircon. The country also has significant reserves of base metals such as iron, copper and nickel, and has important limestone reserves.
These are the main mining companies operating in the Senegal:
ENDEAVOUR
Endeavour owns Senegal’s largest producing gold mine, the Sabodala-Massawa, which has been in operation for over a decade.
The mine was acquired as part of Endeavour’s purchase of smaller West African miner Teranga in February 2021, which had bought Barrick Gold’s 90% stake in the Massawa project.
Endeavour is currently expanding the Sabodala-Massawa mine with the addition of a new processing facility.
MANAGEM
Moroccan mining company Managem acquired IAMGOLD’s Boto Gold Project in eastern Senegal last year. The project has mineral reserves of 31.5 million tons of ore grading 1.6 g/t gold, equivalent to 1,605,000 ounces.
It is still in construction phase, with plant commissioning scheduled for the first half of 2025
DANGOTE
Nigeria’s Dangote Cement has a 1.5 million tons per year factory around 60 kilometres outside Dakar. It is one of the biggest foreign direct investments by an African company in Senegal, according to the company’s website.
(Reporting by Sofia Christensen; Editing by Bate Felix and Mark Potter)
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