The Republic of Benin is set to export its first cargo of crude oil from the Sèmè offshore field, with approximately 330,000 barrels expected to be loaded onto the Kriti Jade tanker on November 1-2, 2026. The destination of the shipment is the Netherlands. This marks the country's return to oil exports after several decades of production interruption at the field.
The loading operation is being overseen by Akrake Petroleum Benin, the operator of the Sèmè field. Shell Trading was selected to handle the commercialization and transportation of the crude oil, following a call for interest. The company will be responsible for lifting and transporting the Beninese crude over a three-year period. The initial shipment is bound for refineries in the Netherlands.
The Sèmè field is operated by Akrake Petroleum, a subsidiary of Rex International Holding, under a production-sharing partnership. Akrake Petroleum holds a 76% stake in the project, while the Beninese state owns 15%, and Octogone E&P holds the remaining 9%. The field's production capacity is estimated at around 3,000 barrels per day.
Notably, the 330,000-barrel shipment exceeds initial estimates of 250,000 barrels, which were reported in October. The increase in volume is a positive development for the Beninese oil sector. The country's authorities and Akrake Petroleum are still in discussions to finalize technical and financial agreements.
Key aspects of the negotiations include the distribution of costs related to equipment used for extraction, production, and offshore storage. Partners involved in the project believe that achieving cost control could pave the way for additional drilling operations in block 1, potentially increasing extracted volumes.
The export of crude oil from the Sèmè field represents a significant milestone for Benin's energy sector. The country has been working to revive oil production at the field, which has been inactive for several decades. The partnership between Akrake Petroleum and the Beninese state is expected to yield substantial benefits for the country's economy.
Despite the imminent first shipment, the project's stakeholders must still address several outstanding issues. Once the technical and financial agreements are finalized, the focus is expected to shift to optimizing production and exploring opportunities for future growth in the sector.
Key points
- The first shipment of 330,000 barrels of crude oil from Benin's Sèmè field is expected to be exported to the Netherlands on November 1-2, 2026.
- Akrake Petroleum, a subsidiary of Rex International Holding, operates the Sèmè field with a 76% stake in the project.
- The production capacity of the Sèmè field is estimated at around 3,000 barrels per day.
