Greater Tortue Ahmeyim needs $5 billion in investment, says Sall | Rigzon

Senegal needs about $5 billion in investment to develop the next phase of a key offshore gas field, according to the West African nation’s president, Macky Sall.

The Greater Tortue Ahmeyim project, crossing the border between Senegal and Mauritania, is being developed by BP Plc and Kosmos Energy Ltd. Production for the first phase is scheduled to start next year, while the next phase could start extracting fuel as early as 2024, Sall told an oil and gas conference in the town of Diamniadio.

Final investment decisions for the second phase of the GTA project should be made by September, and for the Yakaar-Teranga field, which is also being developed by BP and Kosmos, later this year, said Mamadou Fol Kane, Sall’s oil and gas adviser. in an interview last month.

Sal wants to divert most of the gas from the second phase to help develop its $25 billion economy, where nearly half the population lives in poverty. He wants to use the fuel to build a petrochemical industry and generate electricity.

The GTA field will supply enough fuel to produce 2.5 million tonnes of LNG in the first phase, increasing to 5 million tonnes in the second, Sall said.

Most of the initial production is destined for export. Only a small portion will be used locally to generate about 250 megawatts of power, according to Sal.

“For the second phase of the GTA, we need to ensure that a larger portion is used” to build local industries, he said.

Meanwhile, Mitsubishi Corp., Japan’s biggest trading house, is in talks to help Senegal’s state oil company build a fertilizer plant. The facility will use gas from the Yakaar-Teranga offshore field until 2024, Manar Sal, managing director of oil company Petrosen, said by phone from Dakar.

“In the global context of fertilizer shortages, it would be entirely appropriate to explain that gas is a major component of petrochemicals that contributes to the production of fertilizers,” the president said. “This is a new opportunity for industrialization, technology transfer, job creation and growth.”

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