Senegal has officially joined the ranks of oil-producing countries, marking a historic milestone for the West African nation.
Gatekeepers News reports that the country’s first oil production began last week, courtesy of the Sangomar deep-water project, a joint venture between Australian energy giant Woodside and Senegal’s state-owned energy company Petrosen.
The project aims to produce 100,000 barrels of oil per day, making it a significant contributor to Senegal’s economy. Woodside hailed the achievement as a “historic day” and a “key milestone” for both the company and Senegal.
President Bassirou Faye assured the nation that the profits from the sale of oil and gas would be well managed, stating that an inter-generation fund has been established to benefit current and future generations.
Thierno Ly, general manager of Petrosen, echoed the president’s sentiments, expressing optimism about the opportunities for growth, innovation, and success in the economic and social development of the nation.
However, the government’s decision to renegotiate oil and gas contracts has raised concerns among investors. Prime Minister Ousmane Sonko defended the move, stating that contracts signed by previous administrations were “unfavourable” to the country.
As Senegal begins this new era of oil production, its government remains committed to ensuring that the nation benefits from its natural resources.
The move is expected to generate billions of dollars for Senegal and boost its economy, transforming the country’s prospects and solidifying its position as a significant player in the global energy market.
