Senegal’s energy future combines fossil fuels with renewables for growth.

By Oliver Townsend Jun 19, 2024
Senegal Is Betting on Both Fossil Fuels and Renewables for Its Energy Boom.jpegOrginal image from: https://oilprice.com/Energy/Energy-General/Senegal-Is-Betting-on-Both-Fossil-Fuels-and-Renewables-for-Its-Energy-Boom.html

Senegal is currently in the midst of a significant energy boom, with investments pouring into both fossil fuels and renewable energy sectors. The government of Senegal has set ambitious goals to increase the use of renewable energy, aiming for a 40% share in the electricity mix by the end of the decade. This energy expansion is not only expected to support economic growth but also enhance energy security and create new economic hubs across the country.

Energy Mix in Senegal

In 2021, oil accounted for nearly half of Senegal’s energy mix, followed by biofuels, waste, coal, and renewable energy sources. The country has experienced a substantial rise in energy consumption over the past two decades due to industrialization and increased access to electricity. To further support economic growth, Senegal launched the Plan Sénégal Émergent (PSE) 2035 development plan, aiming to attract more foreign direct investment and promote private sector involvement across various industries.

Just Energy Transition Partnership (JETP)

Senegal recently joined the Just Energy Transition Partnership (JETP) with France, Germany, the European Union, the United Kingdom, and Canada. This partnership is set to provide significant financial support to Senegal, with up to $2.69 billion allocated over a three to five-year period to develop the country’s clean energy sector. The JETP program aims to increase the renewable energy electricity mix to 40% by 2030, aligning with the Paris Agreement goals.

Oil and Gas Discoveries

Senegal announced the discovery of oil at its first offshore project, attracting international attention and investment. Woodside Energy has initiated oil production at the site, with plans to eventually produce 100,000 barrels per day (bpd) and exploit natural gas reserves. The state-owned company Petrosen anticipates significant revenues from the sector, emphasizing the responsible management of oil profits for future generations.

Renewable Energy Initiatives

Senegal is also set to produce its first liquefied natural gas (LNG) later this year through the Greater Tortue Ahmeyim LNG project. British energy giant BP, U.S. firm Kosmos Energy, and Petrosen are collaborating on the project to produce 2.5 million tonnes of LNG annually. With Chinese companies investing substantially in Senegal’s energy infrastructure, the country is poised for further growth and economic development in the energy sector.

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