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Senegal Joins Ranks of Oil Producers with Launch of First Offshore Field

Oil And Gas

 Senegal’s First Offshore Oil Production Launched

New Era for Senegal, Offshore Oil Production Begins, Promising Economic growth and Transformation

After years of anticipation, Senegal has officially joined the league of oil-producing nations. Woodside, an Australian energy company, announced the commencement of oil extraction from the offshore Sangomar field, located approximately 100 kilometers south of Dakar. The field, sitting at a depth of 780 meters, contains both oil and gas and is expected to produce between 100,000 and 125,000 barrels per day.

The floating facility associated with the project boasts a storage capacity of 1.3 million barrels. While Senegal's output may not rival that of oil giants like Nigeria, there is significant optimism that the oil and gas industry will generate billions of dollars in revenue, driving substantial economic transformation for the country.

Charles Thiemele, Africa director of trading company BNG, expressed optimism about the development, noting the project's potential to alleviate Senegal's energy costs, which have historically been a significant budgetary challenge. The oil extracted meets European and Asian market standards and is destined for both export and national consumption.

Oil sector specialist Thiemele suggested that Senegal's production capacity could eventually exceed 200,000 barrels per day, bringing it closer to the output levels of nations like the Democratic Republic of Congo and Gabon. The first phase of development, which includes new exploratory drilling, is projected to cost between $4.9 and $5.2 billion.

The Sangomar project is predominantly owned by Woodside, holding an 82% stake, with the remaining 18% owned by Senegal's state energy company, Petrosen. The discovery of the oil and gas fields and extraction at the Sangomar field is the beginning of a transformative era for Senegal's industry and economy.

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