Kosmos Energy denies Senegal nationalisation plans for Yakaar-Teranga gas field

Kosmos Energy (NYSE:KOS) has confirmed with the Ministry of Energy, Petroleum and Mining of Senegal that there is no intention to nationalise the Yakaar-Teranga gas field as reported in the media.

The Houston-headquartered oil and gas exploration and production (E&P) company holds a 90% interest in the Yakaar-Teranga gas project, with Senegal’s state-controlled Petrosen holding the remaining 10%. Kosmos Energy became the project operator in 2023 after British supermajor BP (LSE:BP) decided to exit. The company’s licence for the field expires in July 2026.

“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 block back to the Senegalese state on or before the license expiry in July 2026,” the company said in a statement on December 11.

The Yakaar-Teranga gas field, one of the largest natural gas discoveries in recent years, is estimated to hold around 25 trillion cubic feet, or 708bn cubic metres (bcm), of recoverable gas. Kosmos and Petrosen have been seeking an additional partner to advance the development plan, but efforts to secure one have so far failed.

As reported by Reuters on December 10, Senegal’s Energy Minister, Birame Souleye Diop, said at a conference on Tuesday (December 9) that the government intended to bring the Yakaar–Teranga project under state control.

“It's a project we have operators for, and we want to nationalise it and give Petrosen, which has the expertise, the opportunity to develop this project to meet domestic gas needs... without ruling out the possibility of exporting,” Diop was quoted as saying.

However, in a post on LinkedIn on December 11, the ministry said Senegal’s strategy “did not imply in any way the nationalisation of the Yakaar-Teranga project” and that Kosmos remained 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 said, as reported by Reuters.

Kosmos Energy, BP (operator), Petrosen and Mauritania’s national energy company SMH are also partners in the Greater Tortue Ahmeyim (GTA) LNG project, a major offshore liquefied natural gas development straddling the maritime border between Mauritania and Senegal.

The project reached commercial operations and loaded its first cargo in April 2025

“Kosmos continues to work closely with Petrosen and the other partners on the GTA project, which has seen recent production levels exceed the 2.7 million tonnes per annum nameplate capacity of the floating LNG vessel, and on the future expansion of that project,” Kosmos Energy said in the statement.