Posted by Aydanur Akkurt - Africa Oil & Power
Dakar, July 26 – Exploration hotspot Senegal will launch its next Oil & Gas Licensing Round at the Africa Oil & Power 2019 Conference & Exhibition, to be hosted October 9-11 in Cape Town. The announcement follows the signing today of cooperation between Africa Oil & Power, Cos-Petrogaz and national oil company, Petrosen on a drive to promote the country's next phase of investment.
Last week, H.E Macky Sall, President of the Republic of Senegal met with Africa Oil & Power CEO Guillaume Doane to discuss Senegal's ambitious plans to bring mega oil and gas projects online and attract new operators in the market. President Sall will receive the prestigious Africa Oil Man of the Year award at the conference on October 9.
“Thanks to the tremendous leadership of H.E. President Macky Sall, Senegal is now renowned as a well-established energy market and destination for investment. Through this new drive for investment, we look forward to working with Africa Oil & Power on positioning Senegal for a new era of projects and prosperity,” said Ousmane N'Diaye, Permanent Secretary of COS-Petrogaz.
Senegal has been trailblazing in its efforts to make making energy work for greater economic growth and development and acknowledges the potential and early results presented by the Plan Senegal Emergent initiative (PSE), led by President Sall.
Senegal's government is determined to #MakeEnergyWork. In large part through its dedicated focus on the oil, gas and power sectors following the discovery of massive hydrocarbons reserves, Senegal is preparing to become a middle-income country by 2035. The government aims to achieve this through the PSE initiative launched in 2014.
“With discovery after discovery, Senegal has distinguished itself as one of Africa's leading exploration frontiers. Another licensing round is certain to draw interest from a wide variety of operators,” said Guillaume Doane. “Thanks to the leadership of President Macky Sall, Senegal is a prime example of a country making energy work – creating an enabling environment for business to succeed, attracting huge international investments while providing capacity for local power generation, industry, and downstream development.”
With a vision to create “An emerging Senegal in 2035, with a cohesive society under the rule of law” the PSE looks to the power sector as a catalyst for growth. Senegal today has a power generation capacity of 25 percent – a leap forward from the rolling blackouts the West African nation had been prone to, prior to the implementation of the PSE. Further, Senegal now boasts an electricity rate of 64 percent, well ahead of the rest of West Africa and significantly closer to its target of universal power access by 2025 – which will also include implementation of 15 percent of renewable energy.
Senegal is a hotspot for oil and gas exploration and development. With 8 major oil and gas discoveries since 2014, it is moving closer to becoming a large-scale oil and gas producer.
The country has capitalized on this interest by rapidly bringing the first phase of the Grand Tortue Ahmeyim gas project to final investment decision in December 2018, with Cairn Energy's SNE oilfield is set to see the same milestone in September this year.
“With several world-class oil and gas discoveries, Senegal has built an excellent reputation globally in the energy industry. Through a new licensing round and investment drive, we are eager to capitalize on Senegal's strong track record to attract new operators and exploration,” said Mamadou Faye, Managing Director of Petrosen.
Exploration efforts are also growing in the country's offshore, with explorers such as Oranto Petroleum launching exploration campaigns at the St. Louis Shallow Block, building on existing presence in the country since entering the Cayar Shallow Block in 2008.
Senegal has also seen a rise in world-class discoveries, most notably, Woodside's FAN oil discovery and the BP-operated Marsouin, Teranga and Yaaker fields which are said to contain up to 50 trillion cubic feet of gas.
Through these and other key projects, the nation has committed itself to using its petroleum revenue to create an environment that will see further growth and development of its local content in its hydrocarbon sector. With this, the it has implemented a strong regulatory and institutional framework and launched the Institut National du Pétrole et du Gaz (National Petroleum Institute, INPG) – Senegal's first-ever school dedicated to oil and gas.
Senegal is primed to emerge as a key player in the oil and natural gas industry, ensuring revenue to the state and employment for its citizens over the long term.
Hosted under the theme #MakeEnergyWork, the AOP 2019 conference and exhibition returns to Cape Town, South Africa at the CTICC1 on 9-11 October, to explore Senegal's emergence and its petroleum and power strategies. Join the conversation with our powerful lineup of global leaders. Learn more and register now at www.aop2019.com
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