ONGC Considers Stake in Senegal’s Sangomar Oil Project

A large oil tanker loading crude oil from a FPSO

India’s state-owned Oil and Natural Gas Corporation (ONGC) is considering purchasing a minority stake in the Sangomar project offshore Senegal. With talks underway for the acquisition of a 20% to 40% interest in the project, ONGC is positioning itself as a key participant in Senegal’s energy sector.

Australian independent Woodside Petroleum Ltd owns an 82% stake in the project, having acquired Cairn Energy’s stake in 2020 and FAR’s earlier this year. Despite discussions with ONGC underway, there is no guarantee that a deal will be made.

With recent sizeable oil and gas discoveries made in recent years, Senegal is committed to enhancing investment and accelerating energy sector expansion. Despite project delays due to the COVID-19 pandemic, Woodside is optimistic that the project will reach first oil in 2023.

In response to growing demand for renewable power, and increasing interest by international stakeholders to invest, develop, and succeed in Africa, Energy Capital & Power will hold the MSGBC Oil, Gas, & Power 2021 conference and exhibition on the 1-3 December 2021. Focused on enhancing regional partnerships, spurring investment and development in the oil, gas and power sectors, the conference will unite regional international stakeholders with African opportunities, serving as a growth-oriented platform for Africa’s energy sector.

Source: EnergyCapitalPower

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