Senegal Plans to Auction 10 Oil Blocks by First Quarter of 2019

Enterprise Network- Oil-refinery

Enterprise Television- Senegal Plans to Auction 10 Oil Blocks by First Quarter of 2019

According to a state-run oil company Petrosen, which revealed that Senegal will begin issuing licenses for 10 oil blocks, including one onshore block, between the first and second quarters of 2019.

Petrosen’s Managing Director, Mamadou Faye, stated that the country is looking for large companies or groups with the technical and financial capacity to develop the blocks.

Mr. Faye also indicated that a new petroleum code meeting the market requirements is being prepared and should be completed before the end of 2018.

He noted “I can tell you that we are preparing a new law that will be published this year. After its publication, we will open most of the oil blocks that are not available now.”

The West African country is expected to start producing oil in 2021 and Liquidified Natural Gas later.

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