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SENEGAL – Senegal hopes to earn $30 billion over 30 years from oil fields

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Petrosen Exploration & Production estimates that revenues from oil and gas exports are expected to peak in the 2030’s and then fall back.

Senegal is expected to generate total revenues of CFAF 20,000 billion ($30.17 billion) over 30 years of exploitation of its hydrocarbon deposits, announced Thierno Seydou Ly, Managing Director of Petrosen Exploration & Production, Senegal Oil Company (Petrosen), Saturday 29 October.

It will be low at the beginning, as production is expected in the fourth quarter of 2023, but as investments become much more sustainable and there will be more profits to share. The peak is expected around the 2030’s before going down again,” he said, quoted by the APS, the official Senegalese news agency.

Seydou Ly also said that these estimates, based on prices of 60 dollars/barrel for oil and 6 dollars for gas, could increase if current oil and gas prices are taken into account.

“If current prices were taken into account, incomes could change,” he said, indicating that Senegal will derive revenues from its various hydrocarbon deposits, including the Grand-Tortue field, on the border between Senegal and Mauritania. the Sangomar project south of Dakar and the Yakaar-Teranga offshore project.

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In a report published at the end of September, the World Bank estimated that the entry into production of several hydrocarbon deposits should increase the growth of the Senegalese economy from 4.8% in 2022 to an annual average of 9.2% in 2023 and 2024.
Source: Ecofin Agency

       

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