In just one year, Senegal has solidified its status as Africa's newest oil producer, recording impressive revenues thanks to the offshore Sangomar field. By 2024, production had reached around 16.9 million barrels of crude oil, far surpassing the initial target of 11.7 million barrels set by its partners.
According to an analysis by Confidentiel Dakar, consulted by Senego, Senegal would have generated around 800 billion CFA francs in gross revenues between June 2023 and the end of 2024. This estimate is based on a Brent crude oil price which, despite a slight drop, remained above $70 a barrel throughout the year.
In December 2024 alone, the Australian operator Woodside Energy, in charge of the Sangomar operation, sold three cargoes of oil, bringing in a minimum of 130 billion CFA francs. This financial performance marks a key milestone for Senegal, which is now positioning itself as a promising player in the global oil market.
Located around 100 kilometers south of Dakar, the Sangomar field was discovered a decade ago and is now the mainstay of Senegalese oil production. Operation is based on a floating production, storage and offloading (FPSO) unit, which will be commissioned in 2023. This modern infrastructure has optimized oil extraction, contributing to a rapid rise in revenues.
"Sangomar's performance exceeds our expectations and confirms its strategic role in Senegal's economic development," said a representative of the Ministry of Energy.
The oil revenues generated by Sangomar are expected to play a crucial role in financing national development projects. The Senegalese government plans to allocate these resources to priority sectors such as education, health, infrastructure and sustainable energy, while taking care to respect the principles of transparency.
However, challenges remain. Civil society organizations insist on the need to strengthen governance to ensure that these revenues benefit the population equitably. "The management of oil resources must be rigorous and transparent to avoid the pitfalls seen in other countries," warned one economic analyst.
The success of Sangomar opens up encouraging prospects for Senegal, which is also looking to exploit its gas potential with the development of the Grande Tortue Ahmeyim project, scheduled for 2025. With increasing investment and rising production, the country could become a major player in West Africa's energy sector.
In 2024, Sangomar's impressive performance proved that Senegal is well placed to capitalize on its natural resources, contributing to its ambition of economic emergence.