Sene­gal, Mau­ri­ta­nia bet on oil, gas in per­ilous cli­mate

Pakistan Observer - - ECONOMY WATCH -

DAKAR—While pet­rostates reel from plung­ing oil prices and gas pro­duc­ers brace for Amer­i­can ex­ports to hit the mar­ket, two west African na­tions are forg­ing ahead with po­ten­tially mas­sive ex­trac­tion pro­jects oth­ers might fear to touch. En­ergy firms say Sene­gal and Mau­ri­ta­nia’s cur­rent oil and gas ven­tures will trans­form them into net ex­porters by 2020, bet­ting on long-term de­mand and the even­tual re­cov­ery of the slumped mar­ket, as well as their prox­im­ity to Europe.

Lo­cated off Africa’s western ex­trem­ity, three oil wells drilled by Scot­tish firm Cairn En­ergy have yielded a “sig­nif­i­cant re­source base” in Sene­galese waters, its chief ex­ec­u­tive Si­mon Thom­son said in early April, con­firm­ing that work would be­gin on a fourth. Mean­while Texas-based Kos­mos En­ergy has con­firmed a sin­gle, very large pool of “high-quality gas” strad­dling the Sene­gale­seMau­ri­ta­nian mar­itime bor­der, and now plans to prospect for oil in the same area, the firm told AFP.—AFP RAWALPINDI: Di­rec­tor of fu­ture mar­ket­ing firm Haider Awan with the par­tic­i­pants of in­au­gu­ral cer­e­mony of trade cen­tre.

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