Senegal’s energy ministry on Thursday clarified that the government does not plan to nationalise the Yakaar-Teranga gas field, countering earlier comments by Energy Minister Birame Souleye Diop.
U.S. firm Kosmos (KOS.N), which owns 90% of the field, and state-run Petrosen, holding the remaining 10%, confirmed the licence will return to the state by July 2026, according to Reuters.
Diop had said on Tuesday that the government wanted to nationalise Yakaar-Teranga and give Petrosen the opportunity to develop it.
However, no new partner has joined the project, which both companies had been seeking to advance a development plan. Kosmos became the operator in 2023 after BP exited.
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“Kosmos Energy has worked hard with Petrosen to find a suitable partner and agree a commercially viable development concept for the field. In the absence of a new partner, Kosmos will work with Petrosen to transfer the licence back to the Senegalese state on, or before, the licence expiry in July 2026,” Kosmos said.
The ministry emphasized on social media that its strategy “did not imply in any way the nationalisation of the Yakaar-Teranga project” and described Kosmos as a strategic partner.
“The ministry of energy, petroleum and mining will work closely with Kosmos and Petrosen to ensure the transfer of the licence to the Senegalese state by its expiry in July 2026,” the ministry added.
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Image Credit: Reuters
