Funding secured to boost Senegal’s oil and gas sector
Financing the oil and gas sector
SENEGAL: Africa Finance Corporation (AFC) an infrastructure solutions provider on the continent, will invest €50 million to fund the development of Senegal’s Sangomar oil field and drive its development towards achieving first oil, a key milestone in the advancement of the country’s hydrocarbons sector.
Located 100 kilometres southwest of the capital, Dakar, the Sangomar oil field spans 7,490 square kilometres and is estimated to hold around 500 million barrels of crude oil.
The facility aims to boost Senegal's economy, supporting the country's ambitions to become a regional hub for the oil and gas industry. It will also generate significant revenues for the government through taxes and royalties, create employment opportunities for local workers, and contribute to energy security by reducing dependence on imported fuel.
“We are pleased to support the development of the Sangomar field which we expect to have a transformative impact on the Republic of Senegal and its people though the reduction of import reliance, the generation of increased government revenues, the creation of local jobs and an overall contribution to accelerated industrialisation and economic development,” said Samaila Zubairu, President & CEO of the Africa Finance Corporation.
522