Senegal, Mauritania bet on oil, gas in perilous climate
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.