Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home ยป Senegal to award two offshore oil licences by year-end -Petrosen

    Senegal to award two offshore oil licences by year-end -Petrosen

    October 16, 2014
    Share
    Facebook Twitter LinkedIn WhatsApp

    16 October 2014, Dakar – Senegal will award exploration licences for two offshore oil blocks by the end of the year, the head of state-run hydrocarbons corporation Petrosen said on Wednesday.

    The announcement comes days after Cairn Energy announced it had made an offshore oil discovery that Petrosen said was one of the biggest in Senegal’s history.

    Deep Sangomar offshore“We already have proposals. We are evaluating the best for the state of Senegal,” Petrosen Director General Mamadou Faye said of the two new northern offshore blocks.

    Faye would not give the names of the firms who had shown interest in the new licences. He said Petrosen will look for funds to explore a third block for itself.

    Firms have explored for oil offshore and onshore in Senegal for decades but none of the finds have been commercially viable.

    Last week, Petrosen signed a $400 million “farm-in” agreement with Kosmos Energy for a 60 percent stake in the Cayar and St. Louis offshore blocks.

    Cairn owns a 40 percent interest in three-block joint venture in which ConocoPhillips has 35 percent, FAR Ltd 15 percent and Petrosen 10 percent.

    Speaking of Cairn’s announcement last week, Faye said. “This is a real discovery. It is not fiction. It is one of the biggest oil finds ever in Senegal.”

    Cairn and Petrosen estimate the deep Sangomar offshore holds 250 million proven barrels and 2.5 billion probable barrels.

    “Evaluations of the discovery are ongoing with the objective of determining the extent of deposit and elaborating a development plan for production,” Faye said.
    *Diadie Ba; Bate Felix; David Lewis & David Evans – Reuters

    Related News

    Russia plans to compensate for oil overproduction in August-September

    Russia’s fuel export revenue in June fell 14% from last year, IEA says

    US OKs exchange with Exxon Mobil to aid Gulf Coast supplies

    E-book
    Resilience Exhibition

    Latest News

    Russia’s Novatek says Q2 gas output up 2.8% y/y

    July 12, 2025

    LNG Canada’s start-up yet to lift gas prices amid supply glut

    July 12, 2025

    Russia plans to compensate for oil overproduction in August-September

    July 12, 2025

    Taiwan’s CPC Corp eyes US shale gas assets, sources say

    July 12, 2025

    China sets its first renewable standards for steel, cement and polysilicon

    July 12, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.