Senegal is offering 104 oil and gas blocks to investors as it seeks new upstream contracts to accelerate exploration and production, Energy and Petroleum Minister El Hadji Abdourahmane Diouf said at African Energy Week 2026 in Cape Town.

Of Senegal’s 113 reorganised acreage blocks, four are under contract and five have been allocated to Italy’s Eni for studies, leaving significant opportunities for international and regional operators.

The acreage, reorganised in March 2026, comprises 65 onshore and 48 offshore blocks.

“We hope to sign a number of contracts,” Diouf said, emphasizing Senegal’s commitment to remaining open to investors and respecting international procedures.

The country is also seeking partners to develop the Yakaar-Teranga gas project alongside national oil company Petrosen, which assumed full control after Kosmos Energy withdrew in April 2026. The project is expected to supply gas for power generation, fertiliser production and other industrial uses, as well as exports.

Diouf said development would require a clear investment program, credible buyers and an effective project structure. “Our strategy is to build the value chain from the well to the factory, with gas at the heart of our industrial ambition,” he said.

Downstream, Senegal is pursuing a second refinery to process Sangomar crude, with estimated investment of $2 billion to $3 billion. State-owned Société Africaine de Raffinage (SAR) and Turkey’s Yamata signed a memorandum of understanding for the proposed 4-million-ton-per-year facility in New York on September 23, 2026. The project could create additional opportunities in storage, logistics, distribution and petrochemicals.

Diouf urged investors to review available geological data, engage with technical teams and submit proposals backed by financing and execution capabilities. He also stressed the importance of involving Senegalese companies and workers from the outset, supported by the national local content monitoring committee.

“Capital must earn a return. Senegal must gain a stronger economy. The partnership we seek must serve both purposes,” he said.

Senegal also hopes to expand the MSGBC regional energy alliance, comprising Senegal, Mauritania, The Gambia, Guinea-Bissau and Guinea, although Diouf did not identify potential new members. -OGN/TradeArabia News Service