Wed. Oct 30th, 2024

Senegal has set up a commission of legal, tax, and energy sector experts to review its oil and gas contracts and work to rebalance them in the national interest, Prime Minister Ousmane Sonko said on national television on Monday.
President Bassirou Diomaye Faye, who defeated the ruling coalition candidate in a landslide victory in March, ordered an audit of the oil, gas and mining sectors after coming into office, and vowed to renegotiate the terms of contracts with foreign operators in the country if needed.

Authorities have not shared details on the audit or updates on any renegotiation plans.
Sonko said they were committed to their promise to the Senegalese people “to come back to these various agreements to re-examine them and work to rebalance them, obviously in the national interest.”
He said the commission will have sufficient resources to look into the contracts and hire experts from abroad if necessary. He did not say how long the review would take.

The move comes soon after Senegal became an oil producer for the first time. Australia’s Woodside Energy (WDS.AX), opens new tab announced in June that its Sangomar oil and gas field had produced its first oil.
Gas production is also due to begin by the end of the year at the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project, operated by BP (BP.L), opens new tab.

By Joy

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