Senegal’s economy has experienced a significant boost after launching its first oil project and exports in mid-2024.
According to data from the National Agency of Statistics and Demography (ANSD) released on Monday, the country’s GDP grew by 8.9% in the third quarter compared to the previous quarter and by 11.5% compared to the same period last year.
Excluding oil, Senegal’s GDP grew by 2.1% in Q3 compared to the second quarter, the data showed.
This historic growth follows the start of production at Senegal’s Sangomar oil field, located offshore. In June 2024, the first oil was extracted from the field, marking a major milestone for the West African nation. The Sangomar field is Senegal’s first offshore oil project, developed by Australia-based Woodside.
The Sangomar Field Development Phase 1 is a deepwater project featuring a floating production storage and offloading (FPSO) facility with a capacity to produce 100,000 barrels per day (bpd). It also includes subsea infrastructure that will support future expansion, according to Woodside.
“First oil from the Sangomar field marks a new era for our country’s industry and economy, and most importantly, for our people,” said Thierno Ly, General Manager of Senegal’s national oil company, Petrosen, in June.
Senegal’s economic momentum is set to continue into 2025 with the expected start of LNG shipments from the Greater Tortue Ahmeyim project. The major gas and LNG project, which spans offshore Mauritania and Senegal, is operated by UK-based BP. The project has faced several delays, but the latest timeline indicates that production will begin in early 2025.
BP, along with partner Kosmos Energy, is developing the Greater Tortue Ahmeyim Phase 1 project. The project will use a floating liquefied natural gas (FLNG) vessel to produce LNG from a significant natural gas field discovered in 2015 offshore Mauritania and Senegal.
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