DAKAR, April 24 (Xinhua) -- The Senegalese government has reached an agreement with the United States-based Kosmos Energy for its withdrawal from the Yakaar-Teranga gas project, with no financial compensation from Dakar, Prime Minister Ousmane Sonko said on Thursday.
The agreement, signed on April 22, will be formalized through a ministerial order, and a new license will be granted exclusively to Senegal's national oil company, Petrosen, Sonko said.
Located in the Cayar Offshore Profond block, north of Dakar, the capital, the Yakaar-Teranga project is one of Senegal's most significant deepwater gas developments. It holds an estimated 25 trillion cubic feet of recoverable gas resources, equivalent to about 708 billion cubic meters, according to public data.
Before the withdrawal, Kosmos Energy held a 90-percent stake in the project, while Petrosen owned the remaining 10 percent. The Teranga and Yakaar discoveries were made in 2016 and 2017, respectively.
The project is widely seen as a key component of Senegal's strategy to enhance energy self-sufficiency and support industrialization. Together with the Sangomar oil field and the cross-border Greater Tortue Ahmeyim liquefied natural gas project, it forms a core part of the country's oil and gas development framework.
Kosmos Energy said in December that, in the absence of a suitable partner and a commercially viable development plan, it planned to transfer the block to the Senegalese state on or before the expiration of the license in July 2026. ■