Senegal Produces First Oil

The Senegalese basin currently has 16 blocks available for tender. The country started production at its inaugural oil development, the Sangomar oilfield project, in June this year. Meanwhile, the country is also on track for first gas production from the Greater Tortue Ahmeyim (GTA) development – which straddles its maritime border with Mauritania – later this year. Senegal is also home to the massive Yakaar-Teranga development, which holds an estimated 25 trillion cubic feet (tcf) of natural gas reserves and is due to start production by 2026.

Senegal’s national oil company Petrosen has collaborated with geophysical companies TGS and GeoPartners to provide more than 14,000km of 2D data and over 10,000km2 of 3D data to interested parties. The country also offers competitive fiscal terms for operators and has emerged as one of the most attractive oil and gas investment destinations on the continent.

Exploration Opportunities in Ivory Coast

In March 2024, energy supermajor Eni made a sizeable discovery in Block CI-205, offshore Ivory Coast, which is estimated to hold between 1 billion and 1.5 billion barrels of indicated oil reserves. The major is also investing $10 billion in the development of the offshore Baleine field, which commenced production in August 2023 and is estimated to hold as much as 2.5 billion barrels of oil and 3.3 tcf of natural gas.

The Gambia’s Potential for Major Discoveries

Having secured its extension for offshore Blocks A2 and A5 from The Gambia’s government until September 30, 2025, independent energy player FAR is now seeking farm-in partners to fund geoscience reviews and exploration wells. Blocks A2 and A5 lie in proximity to the 230-million-barrel Sangomar oil field in Senegal, highlighting the block’s potential for a major discovery.

Mauritania’s Licensing Round

Mauritania’s upcoming licensing round for 15 offshore blocks in 2024 is poised to mark a significant milestone in its energy sector. The country is home to the flagship BirAllah and GTA field developments, which hold an estimated 13 and 15 tcf of natural gas resources, respectively. Mauritania’s coastal basin features roughly 100,000km of 2D and 100,000km2 of 3D seismic data coverage, positioning the country as one of the most prospective oil and gas plays in West Africa.

Guinea-Conakry Finalizes Terms for New Bid Round

Guinea-Conakry is currently finalizing the terms of its 22-block bid round, which is expected to bring new players into the market and incentivize exploratory drilling. To date, five prospect wells have been drilled in the country’s acreage, which contains 27 offshore blocks and is located near to existing commercial discoveries in Ivory Coast, Senegal and Mauritania.

The Underlying Potential of Guinea-Bissau

In June 2023, independent exploration company PetroNor agreed to transfer its 100% interest in the Sinapa and Esparança licenses to global energy company Apus Energy. The licenses are situated in Blocks 2, 4A and 5A and are thought to contain prospective resources of 13.4 million barrels of oil.

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