• Petrosen takes full control of Yakaar-Teranga gas project
• Government hails deal as a strategic recovery with no financial cost
• Timeline targets first production by 2028–2029, though risks remain

Senegal’s state-owned oil company Petrosen has taken full control of the Yakaar-Teranga gas project following the withdrawal of U.S.-based Kosmos Energy.

The two parties signed a joint exit agreement covering the Cayar Offshore Profond block, according to information reported on April 23 by the Senegalese Press Agency. The deal grants exclusive rights over the license to Petrosen.

Prime Minister Ousmane Sonko said the withdrawal will be formalized by ministerial decree, after which a new license will be issued solely to the national company. He described the agreement as a “major victory,” noting that Senegal did not pay any financial compensation and instead recovered assets tied to earlier contracts.

Yakaar-Teranga is a major offshore gas permit located in Senegal’s sedimentary basin. The block, previously operated by a consortium that included Kosmos Energy and Petrosen, ranks among the country’s most significant gas exploration areas.

The scale of the resource underscores its importance. Official estimates point to recoverable gas resources exceeding 20 trillion cubic feet. Yet that potential has not been enough to retain foreign investors.

A gradual exit by Kosmos

Kosmos Energy had already signaled its intention to exit the block in March 2025, citing financial losses and the lack of a strategic partner. BP had earlier withdrawn from the same project. With the license set to expire in July, the block was expected to revert to the state in the absence of a new investor.

Petrosen CEO Alioune Guèye said first production could begin between late 2028 and early 2029, with a final investment decision expected in December. Some analysts, however, view that timeline as optimistic given the recent changes in project structure.

Kosmos Energy remains involved in the Greater Tortue Ahmeyim (GTA) project, developed jointly with Mauritania.

Abdel-Latif Boureima