Senegal Joins Oil-Producing Countries In West Africa

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Senegal has recently become a member of the group of oil-producing nations in West Africa, which is a major achievement in the economic history of the country.

Naijaonpoint reports that the Sangomar deep-water project, which started production last week, is expected to yield 100,000 barrels of oil daily.

Woodside, the Australian energy company, described this as a momentous occasion and a significant milestone for both Woodside and Senegal.

Senegal’s President Bassirou Diomaye Faye has since assured citizens of the country that profits from the sale of the country’s oil and gas would be well managed, stating, “We have set up an inter-generation fund for the benefit of your generation and those to come.”

In a statement issued during the weekend, Thierno Ly, the general manager of the national oil company, Petrosen, echoed the president’s sentiments, saying, “We have never been so well positioned for opportunities for growth, innovation and success in the economic and social development of our nation.”

The decision to kickstart oil extraction is anticipated to bring in billions for Senegal and strengthen its economy.

Nonetheless, the government’s decision to redo oil and gas agreements has been greeted with some doubt by investors.

Prime Minister Ousmane Sonko, who played a crucial role in the president’s electoral victory campaign, supported this decision, stating, “We made it clear in our promises to renegotiate these agreements, and we will fulfil our promise. We have commenced the process.”

He further explained that the agreements made by the administrations before were not beneficial for the nation.

As Senegal embarks on its new phase of oil production, its government is dedicated to making sure the nation reaps the rewards of its natural assets.