Senegal has officially entered the league of oil-producing countries, marking a historic achievement for the West African nation. Gatekeepers News reports that the country’s inaugural oil production commenced last week through the Sangomar deep-water project, a collaborative effort between Australian energy giant Woodside and Senegal’s state-owned energy company Petrosen.
The Sangomar project aims to yield 100,000 barrels of oil per day, significantly boosting Senegal’s economy. Woodside celebrated this milestone as a “historic day” and a “key milestone” for both the company and Senegal. President Bassirou Faye reassured citizens that the profits from oil and gas sales would be responsibly managed, with an inter-generation fund established to benefit both current and future generations.
Thierno Ly, General Manager of Petrosen, echoed the president’s confidence, highlighting the potential for economic and social development. However, the government’s decision to renegotiate existing oil and gas contracts has stirred concerns among investors. Prime Minister Ousmane Sonko defended this move, arguing that previous contracts were “unfavourable” to Senegal. As the nation embarks on this new era of oil production, the government remains dedicated to ensuring that Senegal fully benefits from its natural resources.