Senegal announced the start of oil extraction in the Sangomar field by the Australian company Woodside Energy. Thus, the West African country joins the group of hydrocarbon producers in the world.

The company said in a statement: “Woodside proceeded with the first oil extraction in the Sangomar field, marking the delivery of the country’s first offshore oil project.”

The operation of the facilities is carried out jointly by the Woodside company and the Senegalese Petroleum Company (Petrosen) in the deepwater field located about 100 km south of Dakar and containing oil and gas.

The initiative began in 2020, when they launched the project, which required an investment of around $5 billion. Now they are focused on the production goal of 100,000 barrels per day.

Regarding the production of liquefied natural gas in this field, 2.5 million tons per year are expected, with a start date scheduled for the third quarter.

The general director of Petrosen Exploration and Production, Thierno Ly, indicated in the Woodside statement: “The beginning of the extraction of the Sangomar field marks the beginning of a new era, not only for the industry and economy of our country, but also everything for our people.”

Although the volume of oil and gas production in Senegal for export and domestic consumption will not approach that of other countries such as Nigeria, the new source of revenue is expected to bring millions of dollars to the country to strengthen the economy.

M.Pino

Source: swissinfo

(Reference image source: Unsplash+, in collaboration with Getty Images)

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Chevron could be able to recover about 100,000 barrels a day in six months, according to Antero Alvarado, managing partner of Gas Energy Latin America in Venezuela.

After Chevron received limited authorization to resume oil extraction in Venezuela, hopes of a slight recovery in the sector have been revived.

Antero explained in an interview to the media that Chevron could operate through what is known as “deferred production”, in a first stage, “which will allow the recovery in about 6 months, between 50,000 and 100,000 barrels.”

The specialist added that Chevron will also apply “additional production”, where what corresponds to the Venezuelan PDVSA will continue to be sold. “The fact that Chevron returns ensures standards. In the end, nobody is going to make a long-term investment for 6 months, and it seems that more incentives are coming as there is more progress,” he said.

It is important to note that despite the partial authorization given to Chevron to reactivate crude oil extraction in Venezuela, a measure considered correct by spokespersons for the United States, there is still a long way to go in this sector to find a permanent and beneficial solution for those involved.

M.Pino

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Source: finanzasdigital

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