Senegal will spend $1.6 billion on oil and gas projects during 2021
With almost $5 billion of active oil and gas projects in Senegal, the country will spend more than $1.6 billion during 2021. This capital expenditure is 265 per cent more than in 2020.
Senegal in West Africa, with a population of 17 million, will grow by more than 28 per cent to more than 22 million over the next decade. Creating job opportunities and meeting the ever-increasing power demand is vital for the country.
Senegal has close to $5 billion of active oil and gas projects with most already under execution. The country will spend more than $1.6 billion on oil gas projects during 2021. This CAPEX expenditure is an increase of 265 per cent over the 2020 bill. With the current pipeline of projects, capital expenditure will peak in Q1 of 2022.
BP and Kosmos Energy are the two largest oil and gas developers in Senegal with 80 per cent of the active projects market. McDermott and Technip FMC are the two largest Engineering Procurement and Construction companies in Senegal, with almost an equal share of the workload.
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