For decades, Senegal has watched from the sidelines as its neighbors in West Africa made big oil and gas finds; it appeared to be left behind, producing only small amounts of gas from the onshore Diam Niadio field. But the country’s oil and gas trajectory changed dramatically in 2014, when Cairn Energy announced mega discoveries in 2014. The SNE Field is estimated to hold recoverable reserves of nearly 600 million barrels of oil and 1 trillion cubic feet of gas.
The sector quickly expanded, attracting major players. In 2016, BP announced it was partnering with Komsos Energy on the development of the Tortue Field, estimated to contain more than 14 tcf of discovered gas resources. BP and Kosmos plan to invest billions into development of the Tortue LNG, with the project expected to come onstream in 2021.
Senegal, a model democracy on the African continent, boasts a uniquely stable and prosperous environment when compared to many of its neighbors — the country has seen several peaceful transitions of power since the country’s independence in 1960; the economy has seen a growth rate of over 6 percent for the third year in a row and the government has focused on creating a diverse economy, especially in infrastructure, through a national development plan implemented in 2014. The government has also aggressively pursued investment in the power sector as part of the national development plan and goal to make Senegal an emerging economy by 2035.
The country’s energy sector has fresh energy and is attracting investors from the upstream to the downstream and power sectors. As the sector reaches critical mass, we gather the country’s decision makers and industry leaders in “Africa Energy Series – Senegal 2018.” The report will be the most definitive resources for investors produced on Senegal’s emerging hydrocarbons and energy markets.
The book is launching soon.