Senegal begins oil production with Woodside Energy in historic offshore project
Date
6/12/2024 6:04:17 AM
(MENAFN) On Tuesday, Senegal marked its entry into the oil-producing nations' club as Australian Woodside energy Group announced the initiation of production in the country's first offshore project. Although Senegal's fossil fuel output is not anticipated to rival that of major producers like Nigeria, the burgeoning oil and gas sector is expected to generate billions of dollars in revenue and significantly accelerate the nation's economic transformation.
Meg O'Neill, CEO of Woodside, hailed the commencement of oil extraction from the Sangomar field as a "historic day for Senegal and Woodside," describing it as an "important milestone" for both the company and the country. The project's floating platform, situated approximately 100 kilometers offshore, boasts a storage capacity of 1.3 million barrels.
In this deepwater venture, Woodside holds an 82 percent stake, with the remaining share owned by the Senegalese national oil company, Petrosen. The discovery of oil and gas fields in 2014 fueled considerable optimism in Senegal, with Petrosen projecting that the sector will generate over one billion dollars annually for the next thirty years.
Petrosen's general manager, Thierno Lee, emphasized that the commencement of production heralds a “new era” for Senegal’s industry and economy. This development is poised to significantly bolster the nation's financial landscape and propel its economic growth, marking a pivotal moment in Senegal’s industrial history.
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