My guess is that those 10 blocks will be mainly covering the...

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jsoho

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14/09/18

17:49

Post #: 35612039
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Originally posted by damnyank ↑

OIL AND GAS

- Tuesday, 11 September 2018 - 19:07
Senegal to auction 10 oil block licenses next year

See link at: https://www.ecofinagency.com/oil-an...al-to-auction-10-oil-block-licenses-next-year

(Ecofin Agency) - Between Q1 and Q2, 2019 Senegal will issue licenses for 10 oil blocks (one onshore block included), Mamadou Faye (photo), the public oil company Petrosen's managing director informed last week.

These licenses should certainly be won by large groups. Indeed, a few months ago, the government said that the aim of those license deliverance is to attract large groups. This was, by the way, the reason why African Petroleum’s license was canceled.

Mamadou Faye further indicated that a new petroleum code meeting the market requirements is being prepared and should be completed before the end of 2018.

“I can tell you that we are preparing a new law that will be published this year. After its publication, we will open most of the oil blocks that are not available now”, the official declared according to a statement reported by Intellivoire.

The country should start producing oil in 2021 and LNG later.

Olivier de Souza

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My guess is that those 10 blocks will be mainly covering the Senegalese waters between The Gambia and GB, which should be very interesting to FAR and their various JV partners. I suppose that both CNOOC and Petronas should qualify as being «large groups». This should be interesting to watch. Could be another big SNE-like elephant lurking underneath those waters, if my theory about river deltas holds true.

FAR Price at posting: 11.5¢ Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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