The Australian multinational Woodside Energy has announced an increase in hydrocarbon reserves at the offshore Sangomar oil field, which it operates off the Senegalese coast. This reassessment is based on the performance analysis of the S500 reservoirs, which have added 16.2 million barrels of oil equivalent to the proven reserves (1P).
Stable production exceeding initial forecasts
According to the new data provided by Woodside, the proven and probable reserves (2P) now reach 15.4 million barrels of oil equivalent, surpassing initial forecasts. This increase confirms the site’s production stability, which is expected to remain at around 100,000 barrels per day.
The exploitation of Sangomar oil also has a direct impact on the country’s refining capacity. The Société Africaine de Raffinage (SAR) recently announced that it has processed 650,000 barrels of crude oil from Sangomar, a first that marks a step forward in the local integration of the petroleum value chain.
A lever for Senegal’s economic growth
The production outlook strengthens the role of the oil and gas sector in Senegal’s economy. With the simultaneous exploitation of Sangomar oil and the gas from the Greater Tortue Ahmeyim (GTA) project, the country is relying on economic expansion supported by its natural resources.
According to a study by the African Development Bank (AfDB), Senegal’s economic growth is expected to reach 9.3% in 2024 and 10.2% in 2025. However, the institution warns of uncertainties linked to potential revisions of oil and mining contracts, which could influence the sector’s evolution.
The evolution of Sangomar’s reserves and their continued exploitation are part of a broader context of optimizing Senegal’s energy resources, while offering new opportunities for industrial and financial players involved in the project.
