Geographic Spotlight: Senegal

Friday, July 24, 2026. SENEGAL ENERGY MARKET OVERVIEW. Senegal emerging as significant offshore oil and gas producer with Sangomar oil project and Greater Tortue Ahmeyim LNG project. SANGOMAR OIL PROJECT: Operated by Woodside Energy; Senegal's first major offshore oil project (formerly SNE field); located ~100 km south of Dakar. First oil Jun 2024. H1 2026 PRODUCTION: 17.9M barrels. Monthly outputs ~2.8-3.1M barrels (e.g., 3.1M in Jan/Mar/May; 2.8M in Feb; 2.9M in Apr/Jun). Monthly avg ~3M barrels/month (aligns with prior year avg; 36.2M barrels total in 2025). CUMULATIVE PRODUCTION: Exceeded 50M barrels by Dec 2025. CAPACITY: Operating near/at nameplate capacity (~100,000 bbl/d) for sustained periods. CONTRIBUTION TO WOODSIDE: Part of Woodside's overall 2025 production of 198.8 MMboe. EXPANSION POTENTIAL: Woodside and Senegal's Petrosen discussing potential Phase 2 development that could add ~250M barrels of recoverable oil resources. NATURAL GAS: Sangomar remains primarily oil project; associated gas volumes noted but not yet primary output; natural gas production expected at later stage. GREATER TORTUE AHMEYIM LNG PROJECT: Separate natural gas development (joint Senegal/Mauritania project); has its own production ramp-up. BROADER CONTEXT: Senegal's offshore oil and gas era emerging as significant producer with Sangomar and GTA projects. THE READ: Sangomar oil 17.9M barrels H1 2026, monthly avg 3M barrels, operating at nameplate capacity 100K bbl/d, cumulative production exceeded 50M barrels, Phase 2 expansion potential 250M barrels. Natural gas Sangomar associated gas not yet primary output, GTA LNG project separate development, production ramp-up underway. SENEGAL ENERGY THESIS: Sangomar oil project ramping toward full capacity, Phase 2 expansion potential significant, associated gas production expected later, Greater Tortue Ahmeyim LNG project separate development, Senegal emerging as significant offshore producer, long-term growth trajectory strong, near-term focus on Sangomar optimization and Phase 2 FID. Trade the data, not the headlines.