The development of the world-class Yakaar-Teranga gas fields offshore Senegal will welcome a new partner alongside Kosmos Energy and PETROSEN, the national oil company said today.
Earlier this week, Kosmos Energy announced it was increasing its working interest in the Cayar Profond Block from 30% to 90% and assuming operatorship after the exit of bp.
Both fields were discovered in 2016 and 2017 and hold some 25 Tcf of low carbon, high quality gas, making their development attractive for transportation and liquefaction. Kosmos Energy said it was working on a 550 MMscf/d development concept that would provide gas to the domestic market to replace heavy fuel oil in power plant, and export the rest via a new floating LNG (FLNG) unit.
PETROSEN clarified that it would increase its interest to 35% once the fields start producing. Long-term, the view is for Kosmos Energy and PETROSEN to both farm down their interests to a new partner so that the partnership includes PETROSEN (34%), Kosmos Energy (33%) and a new partner that would hold the remaining 33%.
“This structure marks a turning point in the growing influence of the national company who will play a growing role in the ventures in charge of developing the country’s hydrocarbon resources,” PETROSEN said in a statement.