Population 15,922,961 French (official); Wolof, Pulaar, Jola, Mandinka GDP (USD billions) $14 IMPORTS FROM / EXPORTS TO UK
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2 MILLIONS About the country Population 15,922,961 Language French (official); Wolof, Pulaar, Jola, Mandinka GDP (USD billions) $14 Currency CFA Franc Interest rates 4.5% Inflation 1.8% Imports from the UK (216) 89,66,343 Exports to the UK (216) 4,249,266 Labour cost (Avg. salary) Average monthly salary in Oil/Gas/Energy/Mining $3,327 Freedom index 12 of 18 Doing business 147 of 19 Corruption (216) 64 of 176 *As at March 217 unless stated. Trade / business IMPORTS FROM / EXPORTS TO UK 1, Imports Exports Business sectors Trade by sector [Top 1 imports from the UK in 216] Two Digit economic classification Imports from UK ( s) 27 - Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 47, Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 9, Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof 6, Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles 4, Books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 2, Other made up textile articles; sets; worn clothing and worn textile articles; rags 2, Articles of iron or steel 2, Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 1, Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included 1, Furniture; medical and surgical furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified; illuminated signs, illuminated name-plates 1,122
3 How to communicate French will generally be spoken in business, therefore a translator may be required. It is preferable to have business cards printed in both French and English. The Senegalese are often formal during initial meetings and communication style can be indirect. Meeting etiquette Handshakes are an appropriate greeting, however the right hand should be used. Business cards should be presented with either two hands or the right hand. Investing time in building rapport is important. 1 Safety Street crime and pick pocketing is common in certain areas, so avoid carrying valuables and walking alone after dark. Ensure that airport greeters or taxi drivers are genuine as incidents involving fake greeters have occurred. There is a high threat from terrorism as well as kidnapping in certain regions. For the most up to date travel advice please visit: Visa requirements You do not require a visa to travel to the country, however if you plan to stay for longer than 3 months you must register with local authorities. Tax and Local Requirements General Tax Regime: Oil and gas companies in Senegal are generally subject to a tax regime which may include corporate tax, royalties (between 2% and 1%) and for holders of Production Sharing Contracts (PSCs), petroleum tax and resource rent tax. Corporate income tax (CIT): A 3% corporate tax rate applies. For oil and gas companies, this will apply to net profit. Net profit is calculated after applicable deductions have been made. Resident companies are taxed on worldwide incomes while non-resident companies are generally taxed on Senegal-source income via a permanent establishment. Value-Added Tax (VAT): Commercial operations are generally subject to 18% VAT, although certain exclusions may apply. A rate of 22.9% rate is the maximum that can be applied on imported goods and includes the Economic Community of West African States (ECOWA) duties 2.5% and the COSEC levy.4%. Annual land royalty: When a PSC or service contract is signed, annual land royalty is due. The amount paid is based on the area of the permit Additional petroleum tax: PSC holders are subject to an additional petroleum tax. This is calculated based on the profitability of petroleum operations. Rates and conditions are specified in the PSC or service contract. Royalties: Holders of PSCs or service contracts are required to pay a royalty on the value of produced hydrocarbons. The royalty rates for liquid hydrocarbons are 2% to 1% if exploited onshore and 2% to 8% if exploited offshore. For gaseous hydrocarbons, whether exploited onshore or offshore, rates are 2% to 6%. Royalty amounts and rules are specified in the PSC. Incentives: During the R&D period, petroleum research title holders may be exempt from certain taxes, including corporate tax, employment tax, VAT and business licence tax. Other: Employers in Senegal are required to pay a 3% tax on the total gross salaries paid to employees. Employers must also pay social security contributions and subscribe for medical coverage. *Tax rates and accounting rules are subject to change so it is recommended that you seek professional advice before embarking on any activity that is likely to result in your incurring any liabilities in this regard. 1 Map provided by Vector Maps
4 Oil and Gas A data snapshot, 216 (Offshore) Total Total as % Regional* Total as % Global* Rank Regional* Rank Global* Reserves (Mbble) 2 2, of of 5 Capex 216 (US$m) 24 of of 5 Operational Fields 25 of of 5 (#) 3 *Percentages and rankings are based on the countries within this series of reports and not of all countries. For a full list of the countries included within the series please see the Global report. Milestones in oil and gas sector 1952 Petroleum exploration began 1961 First oil discovered 1997 Gadiaga field discovered 1998 Petroleum Code legislation 214 Fan-1 and SNE-1 deepwater well discoveries Map of production areas 2 P5 Reserves Reserves with a 5% and greater probability of being able to be produced. Figures are for reserves due onstream from 216 onwards. 3 These are fields that are producing, shut-in or suspended. Shut in and suspended are included as they could potentially be brought back to production.
5 Companies already operating in country Operators Fields / Activity US$m Capex (217-2) Cairn Senelec Cairn first entered Senegal in 213 and operates three blocks offshore Senegal through its subsidiary, Capricorn Senegal Limited. It operates the Sangomar, Sangomar Deep and Rufisque blocks with Joint Venture partners FAR, ConocoPhillips and Petrosen. After successful completion of the SNE-5 project in 217, Cairn Energy forecast that the field has a potential of 1 million barrels of oil. Senelec is Senegal s national electricity company. Natural gas obtained from national reserves is for the supply of plants owned by the company, although independent producers can source natural gas in agreement with Senelec. $1,318 $49 Contractors Partner in country Activity ERC Energy PLC Capricorn Senegal Limited ERC Equipoise Ltd were contracted by Cairn Energy for resource estimation auditing in 215. Dolphin Geophysical Petrosen Dolphin Geophysical signed an agreement with Petrosen in 212 for the acquisition, processing and marketing of a 3D seismic survey. CGG FAR CGG were awarded a contract by First Australian Resources (FAR) for the acquisition of 3D seismic data offshore Senegal in 26. What to consider before entering the market This element of your planning is vital and will vary depending on product, service, general business strategy and the country you are considering entering: Some things to consider: Is registration with an internal Government/Commission required? How do you register with an in-country oil firm to be one of their suppliers? Is pre-qualification required? If so, what is the process for this? Is it worth considering getting an in-country agent? What other options are available to you, for example: exporting, an in-country subsidiary, a joint venture partnership? It may also be worth registering with Achilles. The Achilles procurement portal is used across many countries and will help you be visible to the industry. By registering you are effectively ensuring you pre-qualify to be part of tender processes and this will help match you to potential buyers: For further information and to speak with a Scottish Development International (SDI) representative, please contact SDI via the contact details on the back of this guide. Additional country insight: On Tuesday 2 May 217, Total and the Republic of Senegal signed two agreements allowing Total to contribute to the exploration activities in Senegal s deep and ultra-deep offshore. The first agreement involves an exploration and production sharing contract for the Rufisque Offshore Profond block, which covers an area of 1,357 square kilometers. Total will be the operator with a 9% interest alongside Société Nationale des Pétroles du Sénégal (Petrosen), holding the remaining 1%. The Group also signed a cooperation agreement with Petrosen and Senegal s Ministry of Energy and Renewable Energy Development under which Total will perform studies to assess the exploration potential of Senegal s ultra-deep offshore and become operator of an exploration block.
6 Major Fields Sangomar, Sangomar Deep and Rufisque blocks Gadiaga field Dome Flore field Cayar Profond Block AGC Profond Exploration block Cairns Energy is the operator of the Sangomar, Sangomar Deep and Rufisque blocks along with partners ConocoPhillips, FAR and Petrosen. The PSC includes the SNE and FAN deep water oil discoveries. The SNE well was discovered in 214 and is estimated to contain 56 MMbbl of recoverable oil, making it one of the world s largest deep water discoveries in recent years. It was announced in July 216 that Woodside has entered into a Purchase and Sale Agreement to acquire ConocoPhillips interests in Senegal. While ConocoPhillips divestment to Woodside has widely been perceived as a done deal, FAR has disagreed from the start, and according to the company s annual report, an arbitration might be in the cards as well. FAR then again said that it believed a valid pre-emptive rights notice had not been issued to the JV partners by ConocoPhillips and FAR has invoked its right to resolve this dispute in accordance with the Joint Operating Agreement. Petrosen discovered the onshore Gadiaga field in 1997 and this is currently the only producing field. The field produces approximately 2.5 MMcfg per day. The Dome Flore field was discovered in 1967 and has been estimated to contain one billion barrels of heavy oil which is yet to be exploited. Kosmos Energy operate the Cayar Offshore Profond block offshore Senegal. In May 216, Kosmos Energy announced a gas discovery in the Teranga-1 exploration well in the Cayor Offshore Profond block. The AGC Profond block is located in the joint development area between Senegal and Guinea- Bissau. Woodside acquired a 65% participating interest in the PSC in February 216. Impact Oil & Gas hold a 2% participating interest and Entreprise AGC SA the remaining 15%. Exploration block Role of Government/Regulator In Senegal, the Ministry of Energy and Mines is responsible for regulating oil exploration, development and production. Moreover, the ministry has the authority to grant or deny applications for petroleum agreements. Senegal s National Committee of Hydrocarbons (CNH) is consulted prior to licences being granted and also has the authority to take action against anti-competitive practices. The 1998 Petroleum Code is the main legislation which governs petroleum activities in the country. As stated in the Petroleum Code, hydrocarbon resources are state-owned but prospecting or operating permits may be granted. Production Sharing Contracts (PSCs) are agreed between the Senegalese Government and holders of the title. The Government also has the right to participate in petroleum activities via Petrosen, the country s national oil company. It should be noted that the Senegalese government is planning amendments to the 1998 Petroleum Code, and Petrosen has sought consultancy support for a revision of current regulations. Thus, future regulation of oil and gas in the country may be subject to change. Senegal s President Macky Sall dismissed his Energy Minister on Tuesday 2 May 217. No reason was given for the sudden move in the statement from the President s office. According to the statement, the energy portfolio will now be managed by Prime Minister Mahammed Boun Abdallah Dionne.
7 Number of wells/platforms US$M US$M Activity and Opportunities (Offshore) Infrastructure (Units) Operational (216) Installations (217-2) fixed floating (Units) Operational (216) Installations (217-2) Tree awards (216/217) (KM) Operational (216) Installations (217-2) (KM) Operational (216) 7 Installations (217-2) Capex by Operator: Historic and Forecast $7 $6 $5 $4 $3 $2 $1 $ Total Capex: Historic and Forecast $8 $7 $6 $5 $4 $3 $2 $1 $ Axis Title Cairn Senelec ICS Decomissioning 5 4 Technical Notes: Wet Trees Trees deployed subsea Axis Title Dry Trees Trees deployed on platforms. Capex Forecasts Infield Systems Capex forecasts are based on bottom up forecasting and as such is a full opportunity set of projects that could see spending over the forecast period. Dry Trees Wet Trees Fixed Platforms
8 Opportunity Hotspots Scale Capability in country Growing / declining Target for Scottish companies Drilling & Wells LOW LOW Reservoirs LOW LOW Platforms & Topsides LOW LOW Marine, Subsea & Pipelines LOW LOW Integral & Support Services LOW LOW Decommissioning LOW LOW Ease of accessing opportunities Senegal ranks poorly on Ease of Doing Business (147 of 19). Moreover, regulatory uncertainty may pose a risk. The country is one of the most politically stable in Africa. A translator may be required as French will typically be spoken in business. DID YOU KNOW? Although Senegal is underexplored and does not currently produce petroleum, surveys have revealed its future potential. By 215, over 154 exploration wells had been drilled in the country, of which only 45 were offshore. SE/SDI Contact enquiries@scotent.co.uk Telephone Nearest SDI office Scottish Development International 5 Atlantic Quay 15 Broomielaw Glasgow G2 8LU Local Embassy British Embassy Dakar BP 625 Dakar Dakar Senegal
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