Post #340

Nationalising Ambition Senegal has announced the nationalisation of a project that is yet to be built 🌐 Senegal’s minister of energy declared plans to nationalise the Yakaar-Teranga gas field — one of the largest in the world — which is currently owned by the American company Kosmos Energy. ⛽️ The project in question is still on paper. The field was discovered in 2016, but construction has never effectively started, and in July 2026 Kosmos’s current licence will anyway simply expire. In practice, nothing has been built at the site. ⚔️ A dispute on the future use of its gas has been the main obstacle. The government constantly reiterates its desire to see the project as the main source of gas for domestic industry — Senegal recently announced plans to to create a domestic supply system. Meanwhile, license holders want higher revenues in foreign currency. In 2023 this dispute even made BP leave the project. 🔸 The government itself takes up a serious challenge: even if production does begin, the temptation to sell gas abroad for hard currency and thereby mitigate inefficiencies of economic policy will always be strong. ➡️ Follow to stay informed - @devilsbelow