Senegal has officially become an oil exporter with the Sangomar project, operated by Woodside. The $5.2 billion development is now producing 100,000 barrels per day of medium-sulfur oil. This first export highlights the project’s importance for the country.
The Greek tanker Maran Poseidon, chartered by Shell International Trading, arrived at the export terminal to transport the Senegalese crude. This tanker, with a capacity of 1.06 million barrels, is ready to deliver this first cargo sold to Shell, a significant milestone for Senegal on the global energy scene.
This new inflow of non-OPEC+ crude comes at a critical time. The producers’ alliance is trying to stabilize the market and raise prices in the face of growing production in America and persistent inflation. Sangomar’s oil, with qualities similar to those of Oman Blend and Johan Sverdrup, is well positioned to attract refineries in China, Poland, the Netherlands, and Germany.
Woodside holds an 82% stake in the project, alongside Petrosen with 18%. The crude is loaded from the 1.3 million-barrel FPSO Leopold Sedar Senghor, anchored 100 km off Dakar. The project comprises 24 wells, including 12 production wells, 10 water injectors, and two gas injectors.
The cargo is loaded on the FPSO Leopold Sedar Senghor. The Sangomar project comprises a complex infrastructure with 24 wells, including 12 production wells, 10 water injectors, and two gas injectors for the first phase. The total capacity of the development makes it a major player in the sector.
The first oil shipment came after Bassirou Diomaye Faye’s election victory.
Despite announcing contract renegotiations, no concrete action has been taken yet. Senegal is also gearing up for the start-up of the Greater Tortue Ahmeyim LNG project, operated by BP and expected later this year. The addition of this new crude oil and natural gas source to the world market strengthens Senegal’s role as a key player in the player in the energy industry, opening up significant economic prospects and investment opportunities.
