What has Senegal actually earned so far from its Sangomar oil project and the Grand Tortue Ahmeyim (GTA) gas project? The Director General of Petrosen Holding, Alioune Gueye, has unveiled the figures.
Speaking on national television, Alioune Gueye explained that at Sangomar, since production began in June 2024, total sales have reached around $4 billion. "The share for the State of Senegal does not reach $200 million," he emphasized.
As for Petrosen, its share amounts to $600 million. However, half of this sum is dedicated to paying down its debt, specifically its equity share in the Sangomar project.
These revenues are considered very low relative to the project's overall sales. According to Mr. Gueye, "it was in the contract negotiations that everything went wrong." He explained that in production sharing contracts, the company that provides the project financing takes the lion's share.
Regarding the Grand Tortue Ahmeyim (GTA) project, over the next 20 years, the gas project is expected to generate between $30 and $40 billion. From this revenue stream, the State of Senegal is projected to receive $800 million, or approximately 400 billion CFA francs. "A sum that the Senegalese treasury generates in just 3 months," noted the Petrosen chief.
As for Petrosen's share, it will not even be enough to pay its debt within the GTA project. "So we will have to go into further debt to pay off this debt. That is the situation we found here. This is why we said, when we were in the opposition, that we would renegotiate the contracts, and that is what we are currently doing," assured Mr. Gueye.
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