The MSGBC region’s gas market is poised for a significant transformation in 2024 as projects start production, power generation facilities progress and investment increases across the energy value chain. Through gas, the region is set to foster long-term and sustainable economic growth.
Exploration Accelerates in The Gambia
In The Gambia, Australian energy company FAR is set to continue its exploration efforts as the government has approved a 12-month extension for offshore blocks A2 and A5, extending the permit term until September 30, 2024. FAR is actively seeking new partners to fund geoscience reviews, future exploration wells, and potential block operatorship during this extended period.
These topics and more will be explored in depth at the MSGBC Oil, Gas & Power 2023 conference and exhibition, the region’s premier energy event. Taking place in Nouakchott, this event will unite energy policymakers and companies from the MSGBC region with global investors, promoting engagement and opening new investment opportunities across the regional gas value chain.
GTA Phase 1 to Kickstart in 2024
Situated on the maritime border between Senegal and Mauritania, the first phase of the Grand Tortue Ahmeyim (GTA) Liquefied Natural Gas (LNG) project is set to produce first gas in 2024.
The project is located 120 km offshore at a water depth of 2,850 meters. Phase 1 will produce over 2.5 million tons per annum, with the Floating Production Storage and Offloading vessel expected to arrive at the project site later this year.
Sandiara Gas-to-Power Plant Advances Electrification in Senegal
In Senegal, the construction of the highly anticipated Sandiara gas-to-power plant is expected to commence in 2024. Construction company LFR Energy plans to commence construction of the facility in the first quarter of 2024, with the goal of making it operational by 2026. The plant, featuring a combined cycle gas turbine using Siemens Energy SGT-800 gas turbines, will produce 360 MW of electricity, primarily from domestic gas resources. The project aims to mitigate power shortages, reduce electricity costs, boost economic growth, enhance regional cooperation, and transfer skills and technology to the local workforce. Excess electricity will be exported to West African countries.
Mauritania Launches 15-Block Licensing Round
The upcoming licensing round for 15 offshore blocks in 2024 will mark a significant milestone in Mauritania’s energy sector. Unexplored and of strategic value, the country’s offshore market exhibits compelling geological characteristics that make it a prime target for exploration. Major energy companies like bp, Kosmos Energy, TotalEnergies, Shell, and Cairn have already embarked on exploration endeavors, underscoring the region’s attractiveness.
A dedicated Mauritania investment roadshow will take place during the MSGBC Oil, Gas & Power 2023 conference – scheduled for November 21-22 this year -, providing further insight into the opportunities available within this round.
Gas to Unlock New Revenue Streams in Mauritania and Senegal
The production of oil and gas in Senegal/Mauritania in 2024 will significantly impact both countries’ 2024 budget, with Senegal alone expecting revenues of over $81 million dollars, according to Finance and Budget Minister Mamadou Moustapha Ba. The Minister emphasized that the country’s move into oil and gas production signifies a new economic era. Meanwhile, Mauritania’s Minister of Energy Ould Chrougha revealed that the GTA project would also have significant benefits for the 2024 budget, introducing new streams of revenue that could help grow other segments of the domestic and regional economy.
Exploration Also Accelerates in Guinea-Conakry
Guinea-Conakry’s National Oil Company Société Nationale des Pétroles (SONAP) will continue promoting the country ‘s oil and gas potential in 2024. The country offers significant hydrocarbon potential, with all 27 offshore blocks and seven onshore basins available for prospecting and exploration. The completion of the National Seismic Data Visualization Center will aid investor attraction while plans for additional 3D seismic coverage offshore Guinea and Full Tensor Gradiometry studies onshore are underway.
