Par ediallo - 4 October, 2021 - 07:25

Senegal, in the current state of discoveries of hydrocarbon deposits on its territory, is more a country of gas than oil, which bodes well and places the country "in good stead" for the energy transition, said the Minister of Petroleum and Energy, Sophie Gladima.

The current gas discoveries in Senegal are 910 billion m3 of gas, while the volume of oil is estimated at about one billion barrels, she said in an interview published in the weekend edition of the private daily L'Observateur.

This means that in terms of volume, "Senegal is more a country of gas than oil (...). This trend may change, if new discoveries are made, especially since the real potential of the Senegalese sedimentary basin has convinced us to continue its promotion to have other discoveries," said the Minister of Oil.

Senegal, she insists, "is fortunate to have much more gas resources (about 930 billion m3) than oil resources (1030 billion barrels).

"Given that gas will be the transition energy, Senegal is in a good position to accompany this energy transition, given that the country "has a good energy mix (about 30% of renewable energy)," said Gladima.

"The development and implementation of the gas-to-power strategy by 2023-2024 will strengthen this mix. The companies operating in Senegal are committed to developing the various discoveries, using techniques and technologies for a low environmental footprint," she added.

The gas-to-power strategy, referring to the process of transforming gas into electricity, is considered a key element of Senegal's energy policy, with the dual objective of providing universal access to electricity and increasing economic competitiveness.

According to the Minister of Petroleum and Energy, Senegal has agreed with others to request that developing countries concerned by this issue can continue to use their fossil fuels "to achieve this time of energy transition.

"Senegal has strengths and actions already taken to ensure its resilience, safeguard its attractiveness and drive its sustainable economic development," she said.

Regarding the distribution of revenues from oil exploitation, the Minister of Oil said that the pattern that is emerging, even if the law is not yet voted, "is that there will be a portion of revenues that will be reserved for the state budget for priority investments in health, education, infrastructure, etc."

Another part will be reserved for future generations, through an intergenerational fund and a part will return to the Stabilization Fund to counter fluctuations in the price of oil, she continued.

Regarding the impacts of the rise in world oil prices observed for some time and which may last "a week, a month, we do not know", Sophie Gladima said that "the state has always supported consumers.

"It is this kind of equalization that makes the state is always able to cope with exogenous shocks to supplement the consumer, when prices soar.

Two hydrocarbon projects are under development in Senegal, after the discoveries deemed major made by the country in this area from 2014.

The first is the gas project called Grand Tortue Ahmeyim (GTA) whose deposit is shared between Senegal and the Islamic Republic of Mauritania.

Another gas field called Yaakaar-Teranga has been discovered exclusively in Senegalese waters, according to Sophie Gladima, a geologist by training.

The country has also recorded a discovery of oil associated with gas with the Sangomar field located in the block of Rufisque, Sangomar and Deep Sangomar (RSSD), she reported.

APS Senegal