Factbox: Main companies operating in Senegal's oil, gas and mining sectors

Iamgold

04/04/2024 13:48

By Sofia Christensen
       DAKAR, April 4 (Reuters) - Senegal's newly elected
President Bassirou Diomaye Faye on Wednesday said his government
would conduct an audit of the West African nation's oil, gas and
mining sectors.
    The announcement followed a campaign promise to re-negotiate
the terms of oil, gas and mineral contracts with foreign
operators in the country, which is set to begin producing oil
and gas this year.
    The following are the main companies operating in Senegal's
oil and gas sectors:
       
    BP
    BP  BP.L  and U.S.-listed Kosmo Energy  KOS.N  are leading
the development of Greater Tortue Ahmeyim (GTA), Senegal's first
liquefied natural gas (LNG) project. 
    GTA, a floating facility straddling the border between
Senegal and Mauritania, will produce 2.3 million tonnes of LNG
per year in its first phase.
    BP is the project's operator, with a 56% stake. Kosmos
Energy holds a 27% stake. Senegal, through its national oil
company Petrosen, holds 10%, and Mauritania, through its SMHPM
oil company, 7%. 
     
    KOSMOS ENERGY
    Kosmos Energy entered the Senegal oil and gas sector in 2014
with the acquisition of stakes in the Cayar and St. Louis
offshore blocks where the GTA is located. It has become the
operator of the Yakaar-Teranga gas field with a 90% working
interest after BP decided to exit the field.
    Yakaar-Teranga is estimated to be one of the world's largest
gas discoveries in recent years and holds around 25 trillion
cubic feet (tcf) of "advantaged" gas - or gas that can be
quickly brought into production, according to the company.    
    
    WOODSIDE ENERGY
    Australia's Woodside Energy  WDS.AX   holds 82% of the
Sangomar oil and gas field being developed off the coast of
Senegal. Petrosen holds the rest.
    The Sangomar field is located approximately 100 kilometres
(62 miles) south of Senegal's capital Dakar. Work commenced in
early 2020 and first oil production is expected in mid-2024.
    This first phase of development will target 230 million
barrels of crude oil.
    
    TOTAL 
    The French energy major signed an agreement in 2017 to
explore for oil and gas off Senegal's Atlantic coast.
    Under the deal, Total is exploring in the deepwater Rufisque
and Ultra Deep Offshore blocks where it is the operator and
holds 90% and 70% stakes respectively. 
    
    ORANTO
    Nigeria's privately-held Oranto Petroleum is exploring two
undrilled oil blocks off the coast of Senegal, the Cayar
Shallow, now open to farm-in partners, and the St Louis Shallow,
which it entered in 2015.
    
    Senegal's mining sector is mainly focused on gold, phosphate
and zircon. The country also has significant reserves of base
metals such as iron, copper and nickel, and has important
limestone reserves.
    These are the main mining companies operating in the
Senegal:
    
    ENDEAVOUR 
    Endeavour  EDV.AX  owns Senegal's largest producing gold
mine, the Sabodala-Massawa, which has been in operation for over
a decade.
    The mine was acquired as part of Endeavour's purchase of
smaller West African miner Teranga in February 2021, which had
bought Barrick Gold's 90% stake in the Massawa project.
    Endeavour is currently expanding the Sabodala-Massawa mine
with the addition of a new processing facility.
    
    MANAGEM
    Moroccan mining company Managem  MNG.CS  acquired IAMGOLD's 
 IMG.TO  Boto Gold Project in eastern Senegal last year. The
project has mineral reserves of 31.5 million tons of ore grading
1.6 g/t gold, equivalent to 1,605,000 ounces.
    It is still in construction phase, with plant commissioning
scheduled for the first half of 2025
    
    DANGOTE
    Nigeria's Dangote Cement  DANGCEM.LG  has a 1.5 million tons
per year factory around 60 kilometres outside Dakar. It is one
of the biggest foreign direct investments by an African company
in Senegal, according to the company's website.

 (Reporting by Sofia Christensen
Editing by Bate Felix and Mark Potter)
 ((Sofia.Christensen@thomsonreuters.com;))