Senegal has officially joined the ranks of West Africa’s oil-producing nations with the commencement of the Sangomar deep-water project. This significant milestone in the country’s economic history is expected to produce 100,000 barrels of oil daily. Australian energy company Woodside, which is leading the project, hailed this development as a major achievement for both Senegal and Woodside.
President Bassirou Diomaye Faye assured citizens that profits from the oil and gas sector would be responsibly managed, emphasizing the establishment of an inter-generation fund to benefit current and future generations. Thierno Ly, the general manager of Senegal’s national oil company Petrosen, expressed optimism about the country’s economic and social development prospects, highlighting opportunities for growth and innovation.
Despite the positive outlook, the government’s move to renegotiate oil and gas agreements has caused some investor apprehension. Prime Minister Ousmane Sonko, who played a pivotal role in the president’s electoral campaign, reiterated the administration’s commitment to renegotiate past agreements to better serve the nation’s interests. As Senegal begins this new chapter in oil production, the government is focused on ensuring the country’s natural resources benefit its people.