PETROSEN DG: Rebuts PM on Kosmos Yakaar-Teranga Dispute, $55M Claim

• A former PETROSEN Director-General has publicly refuted Prime Minister Al Aminou Lo's statements regarding Kosmos's withdrawal from the Yakaar-Teranga block and a disputed $55 million.
• PETROSEN and Kosmos signed a joint withdrawal agreement on April 22, 2026, which required only a ministerial decree for finalization.
• The Minister of Energy, Petroleum and Mines requested a detailed expenditure statement and calculation for $55 million from Kosmos and PETROSEN, but did not sign the decree.
• The former DG argued that the $55 million was an expenditure commitment, not a debt, and that the Minister's claim lacked legal basis and would undermine the withdrawal process.
• The ministerial decree remains unsigned, and the former DG asserts that the lack of the Minister's signature is the sole impediment to the withdrawal's completion.

The former Director-General notes that Kosmos has not, to his knowledge, responded to the Minister's request from May 15, 2026, and no formal notice or call for guarantee has been issued.

A former Director-General of PETROSEN has issued a detailed rebuttal to recent statements by Prime Minister Al Aminou Lo concerning the withdrawal of Kosmos from the Yakaar-Teranga gas block and a contentious $55 million figure. Speaking before the National Assembly, the Prime Minister, in response to the Honorable Babacar Ndiaye, had alluded to the former DG, who signed the withdrawal agreement, without explicitly naming him. The former Director-General, identifying himself as the signatory, has now provided a point-by-point account, challenging the Prime Minister's assertions.

The core of the dispute revolves around the process of Kosmos's exit and the legal basis for a claim of $55 million, which the Prime Minister suggested was owed. The former PETROSEN DG asserts that the withdrawal agreement was the culmination of extensive renegotiations, initiated in August 2024, during which he chaired the sub-commission for Petroleum and Gas. His response aims to clarify the timeline and legal framework surrounding these events, directly addressing what he perceives as factual inaccuracies.

The formal process began on April 22, 2026, when PETROSEN and Kosmos jointly signed a withdrawal agreement. This agreement stipulated that the withdrawal would become effective solely upon the publication of a ministerial decree by the Minister of Energy, Petroleum and Mines, with a draft decree attached as Annex A. On the same day, Prime Minister Al Aminou Lo publicly hailed the agreement as a "major victory," confirming that the withdrawal would be ratified by ministerial decree.

Two days later, on April 24, 2026, Kosmos, acting as the Operator, formally requested the Minister to accept and approve the renunciation via decree with immediate effect, attaching the signed agreement and committing to data transfer as per Article 18.1 of the CRPP. However, on May 15, 2026, the Minister responded to Kosmos by requesting a detailed statement of expenditures and a calculation of a $55 million balance, citing Articles 18 and 19 of the Petroleum Code and Articles 7.8 and 7.9 of the CRPP, but did not sign the decree. PETROSEN received a copy of this communication, and the Minister also separately requested PETROSEN to provide an inventory of data received from Kosmos and the same balance calculation.

On May 19, 2026, the former PETROSEN DG formally responded to the Minister, arguing that the claim for $55 million lacked legal foundation. He explained that while the withdrawal agreement preserved the State's rights, it did not create a debt. Furthermore, he contended that Articles 7.8 and 7.9 of the CRPP, cited by the Minister, apply to uncompleted work, whereas the relevant work had, in fact, been carried out. He also warned that a claim made after the agreement's signing would undermine the entire withdrawal process and urged the Minister to proceed with the decree's immediate signature.

The Minister replied on June 1, 2026, acknowledging the former DG's approach as "legitimate" and confirming that his initial letter was directed at Kosmos, not PETROSEN. The Minister also recognized that the joint withdrawal was the Ministry's official position. However, he maintained his disagreement with the former DG's conclusions regarding the $55 million, stating that this matter fell under the purview of the Ministry of Finance. Copies of this letter were sent to the President of the Republic, the Prime Minister, and the Minister of Finance. The former DG further clarified that the $55 million refers to a minimum expenditure commitment outlined in Article 4 of Decree n° 2024-713 of March 13, 2024, for development studies during an extension period, which he stressed is an expenditure commitment, not a debt.

Despite these exchanges, the ministerial decree required for the withdrawal to take effect remains unsigned. The former Director-General notes that Kosmos has not, to his knowledge, responded to the Minister's request from May 15, 2026, and no formal notice or call for guarantee has been issued. The Prime Minister recently cited the Minister's June 1 letter as evidence of a "grave failing," yet the former DG points out that the only outstanding element, five months after the initial agreement, is the Minister's signature on the decree. The dispute highlights a significant impasse in the finalization of Kosmos's exit from the Yakaar-Teranga block.

Source: Original reporting via Mon droit de réponse