BP Plc and Kosmos Energy Ltd. have begun producing gas from offshore fields in Senegal and Mauritania through the Greater Tortue Ahmeyim (GTA) project.
The $4.8 billion GTA project will generate approximately 2.3 million tons of liquefied natural gas annually in its first phase.
Wells in deep water, reaching depths of up to 2,850 meters, will send gas to a floating storage vessel for processing.
Senegal and Mauritania’s energy ministries announced on Dec. 31 that gas is now flowing to the floating facility, and LNG deliveries will start “very soon.”
Gas exports from the long-delayed project will likely boost Senegal’s economy, which already benefited from oil exports last year.
Oil exports drove Senegal’s growth rate to a record 8.9% in the third quarter, and the International Monetary Fund predicts the economy will expand by 9.3% this year.
The expansion creates a chance to improve public finances in Senegal, where the budget deficit is projected to exceed 11% of GDP in 2024.
Prime Minister Ousmane Sonko stated last week that Senegal aims to cut its budget deficit to 3% of GDP by 2027 by reducing government spending and increasing tax revenue starting in 2025.
