Senegal’s New President Vows To Audit Nation’s Oil, Gas, Mining Sectors

Bassirou Diomaye Faye, Senegal’s newly elected President, has pledged to conduct an audit of the nation’s oil, gas, and mining sectors.

The move comes as a follow-up to Faye’s campaign promise to renegotiate resource terms with foreign operators ahead of the anticipated commencement of oil and gas production this year.

Faye, who appointed Ousmane Sonko as the new Prime Minister, stated, “We are committed to ensuring that Senegal’s natural resources benefit its people optimally.”

The audit is poised to target major players in Senegal’s energy landscape, including:

British Petroleum (BP): Leading the Greater Tortue Ahmeyim (GTA) project, Senegal’s first Liquefied Natural Gas (LNG) endeavor.

Kosmos Energy: Holding significant stakes in the GTA and the Yakaar-Teranga gas field, one of the world’s largest recent gas discoveries.

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Woodside Energy: With a substantial stake in the Sangomar Oil and Gas Field, set to contribute significantly to Senegal’s crude oil output.

Total: Exploring for oil and gas off Senegal’s coast and holding substantial stakes in key offshore blocks.

Oranto Petroleum: Engaged in exploring two oil blocks off Senegal’s coast.

In the mining sector, companies like Endeavour and Managem are prominent, contributing to Senegal’s gold mining endeavors.

Notably, Faye’s announcement has stirred cautious reactions among foreign investors, especially after his recent remarks regarding the CFA currency, raising concerns about potential shifts in economic policies.

Despite investor caution, the International Monetary Fund (IMF) predicts a substantial boost to Senegal’s economy with the onset of oil and gas production, projecting double-digit growth.

With Senegal poised for significant economic shifts, Faye’s administration remains committed to ensuring transparency and equitable resource management for the nation’s prosperity.