Senegal starts oil production with presidential promises of benefits

Senegal marks a significant milestone as it begins oil production for the first time, with President Bassirou Diomaye Faye pledging to ensure transparent management of profits from oil and gas sales.

The Australian energy giant Woodside hailed the start of extraction as a “historic day” for both the company and the nation.

The Sangomar deep-water project, boasting gas reserves as well, aims to yield 100,000 barrels of oil per day, projected to inject billions into Senegal’s economy.

Thierno Ly, Petrosen’s general manager, sees this as a new era for Senegal, emphasizing growth and innovation. President Faye, elected in April, vows to renegotiate contracts to benefit future generations, setting up an inter-generation fund for this purpose.

While some investors may express concerns over contract renegotiations, government supporters argue it’s crucial for Senegal to maximize benefits from its natural resources.

Prime Minister Ousmane Sonko echoes this sentiment, affirming the government’s commitment to revising past contracts to better serve the nation’s interests.

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