Europe transitions from Russian gas, West Africa's opportunity to fill the gap

 Europe's shift from Russian gas offers a ready and lucrative market for a huge project being developed in West Africa, Mauritania's oil minister said on Thursday.

As Russia has reduced gas supplies to Europe and Europe seeks to limit its reliance on Russian gas, Africa has an opportunity to fill the gap, but it must act now before a longer-term shift to low-carbon energy saps the West's appetite for fossil fuels restricts .

"In this 10-year period from now to 2030, priority will be given to realizing the full gas potential of the country," said Abd Esselam Ould Mohamed Salah at the African Energy Forum in Brussels.

"Recent prices have opened opportunities for Mauritania, Senegal and other African countries to export more gas to Europe," he said. "Europe needs to diversify its supply resources so we cannot miss this fantastic opportunity."

The BP (BP.L) operated Greater Tortue Ahmeyim gas project between Mauritania and Senegal is scheduled to start production by December 2023, he said, while another smaller field is expected to come online by 2025.

Chancellor Olaf Scholz visited Senegal last month to express the major gas importer's interest in helping to develop gas resources there as it seeks alternatives to Russian supplies.

Europe's benchmark gas prices are up more than 300% this week compared to a year ago and high energy prices are pushing inflation to nearly four decades high in some developed countries, adding to recession fears.