Senegal is positioning itself as an alternative source of gas for Europe as Russia cuts supplies of the fuel. Before the Russia-Ukraine war, Russia provided as much as 40% of Europe’s gas needs.
Mamadou Fall Kane, deputy permanent secretary of COZ-Petrogas, a government committee that monitors and develops oil and gas projects, says Senegal will be able to sell its quota to Europe, especially Germany, in the second half of 2024.
The country projects $1.4 billion of oil and gas revenues from 2023-2025 based on a benchmark price of $90 per barrel.
Production at Senegal’s Greater Tortue Ahmeyim (GTA) gas project is scheduled to start next year. The offshore field straddling the border between Senegal and Mauritania is set to produce 2.5 million tons of liquefied natural gas in the first phase, which will double to 5 million tons in the second.
Kosmos Energy Ltd., which is co-developing the GTA field with BP Plc, earlier this month said phase one is 80% complete, with first gas expected in the third quarter of 2023 and first LNG at the end of next year.