Senegal projects US$30b from oil, gas deposits

Senegal will earn more than 30 billion US dollars thanks to the exploitation of the SNE-1 oil field and the gas field Grand Tortue, declared Mamadou Faye, managing director Petrosen, Senegal’s oil company.

Speaking Tuesday in Dakar at the national dialogue on the management of oil and gas, Faye said the exploitation of the two deposits would bring in total revenues of more than $150 billion and expenses of nearly $60 billion.

Over a 30-year period, as much as 52 to 66 percent of profits will accrue to the Senegalese state (including Petrosen), Faye added.

The SNE -1 oil field, with reserves estimated at between 346 and 998 million barrels of oil, was discovered in 2014 off the coast of Dakar and in the Sangomar Deep Block.

Its operation will require a global investment of US$5.83 billion for a three-phase implementation.

The development of the Grande Tortue gas field straddling the border between Senegal and Mauritania will require US$16.289 billion.

Its reserves are estimated at 560 billion cubic meters.

Chairing the national dialogue on oil and gas was President Macky Sall, who called for “sound management of oil and gas revenue.”

The forum brought together participants from the private sector, trade unions, religious and traditional leaders, as well as civil society organizations, among others.