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MSGBC bets on oil and gas

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Countries like Senegal in the MSGBC basin are investing in oil and gas to drive the economy. Image credit: E Diop from Unsplash

MSGBC bets on oil and gas  

Mauritania, Senegal, The Gambia, Guinea Bissau and Guinea Conakry (MSGBC) are revamping their respective policy frameworks, forging partnerships with global energy companies, investors and service providers, and maximising infrastructure rollout across the entire oil and gas value chain.

With giant projects such as Phase 1 of the Greater Tortue Ahmeyim (GTA) (http://bit.ly/3XTSvvT) gas project coming online in 2024 and final investment decisions for other large-scale projects such as bp’s Yakaar- Teranga in Senegal and Bira Allah field in Mauritania anticipated in the short-term, the MSGBC region’s hydrocarbon industry is poised for growth.

The development of the 1.2-trillion cubic feet Banda gas field between 2023 and 2026, as well as Phase 2 of the GTA project from 2026, will also usher in a new era of industry expansion. Meanwhile, Senegal’s Sangomar Oil Field Development will produce the country’s first oil in 2023, with additional investments expected in the sector.

All eyes on MGSBC region (MSGBC countries roll out large oil and gas projects)

With more than nine billion barrels of oil equivalent discovered in the region to date – and companies such as FAR, Shell, TotalEnergies, ExxonMobil, bp, Harbour Energy, PetroNor, Star Oil, Addax Petroleum, Petronas, Kosmos Energy, Sonatrach, Capricorn Energy and Tullow Oil having engaged in upstream activities – all eyes are set on the MGSBC region.

Heightened exploration will bring in new players, with a view to yielding discoveries and expanding the block’s total hydrocarbon reserves.

Policy enactments such as Senegal’s New Gas Master Plan and Guinea-Conakry’s Precept 3 of the Natural Resource Charter are also directing the region’s development agenda. By cutting tax rates and introducing incentives for energy companies exploring Senegal’s gas-rich basins, the country’s New Gas Master Plan is paving the way for gas exploitation and monetisation.

Meanwhile, local content and capacity building campaigns undertaken by the MSGBC region’s NOCs are shaping the current and future energy workforce and will ensure sustainable development of the industry for decades to come.

During the 2022 edition of MSGBC Oil, Gas & Power, for example, Senegal’s NOC Petrosen signed a local content agreement with French engineering and technology company, Technip Energies, to cooperate on skills development in the areas of the energy transition, liquefied natural gas, decarbonisation, and safety and process engineering.

The 2023 MSGBC Oil, Gas & Power Conference & Exhibition (https://MSGBCOilGasandPower.com) takes place in Nouakchott, Mauritania on the 21st and 22nd of November under the theme ‘Scaling Energy Opportunities in Africa’s New Frontier’. The Conference brings together regional policymakers, energy stakeholders and companies with global partners and investors to discuss investment and policy developments and maximise the block’s hydrocarbon growth.

Building on the success of last year’s edition, MSGBC Oil, Gas & Power 2023 will host high-level panel discussions and ministerial forums, deal signings, networking sessions and technical workshops.

It is no secret that the MSGBC region aims to achieve energy security and economic growth on the back of oil and gas production and that hydrocarbon resources will play a crucial role in driving its energy security.

MSGBC bets on oil and gas 

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 MSGBC bets on oil and gas  

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