Petrosen Takes Full Control of Yakaar-Teranga Gas Project After Kosmos Exit

Senegal’s state oil company Petrosen has taken full control of the Yakaar-Teranga gas project after U.S.-based Kosmos Energy withdrew from the development.

The two sides signed an exit agreement covering the Cayar Offshore Profond block, according to the Senegalese Press Agency. The deal transfers full license rights to Petrosen, giving the national company sole control of the asset.

Prime Minister Ousmane Sonko said the withdrawal will be formalised through a ministerial decree, after which a new license will be issued exclusively to Petrosen. He described the outcome as a “major victory,” noting that Senegal did not pay compensation and instead regained assets linked to earlier agreements.

Yakaar-Teranga sits within Senegal’s offshore sedimentary basin and is considered one of the country’s most important gas prospects. The block was previously operated by a consortium that included Kosmos Energy and Petrosen.

Estimates suggest the field holds more than 20 trillion cubic feet of recoverable gas, placing it among the largest undeveloped resources in the region. Despite its scale, the project has struggled to retain foreign partners.

Kosmos Exit and Project Prospects

Kosmos had already indicated plans to leave the block in March 2025, citing financial losses and the absence of a strategic partner. BP had earlier exited the project, adding to uncertainty around its development. With the license due to expire in July, the block was expected to revert to the state if no new investor stepped in.

Petrosen CEO Alioune Guèye said first gas could be delivered between late 2028 and early 2029, with a final investment decision expected in December. Some analysts, however, see that timeline as ambitious given the recent changes to the project structure.

Kosmos Energy remains active elsewhere in the region, including the Greater Tortue Ahmeyim (GTA) project, which is being developed in partnership with Mauritania.