Senegal Joins Ranks of Oil-Producing Countries

Senegal has become the latest addition to the list of West African nations that produce oil, achieving a major economic milestone. The country’s first oil production, which began last week, is expected to generate billions of dollars and significantly boost the economy.

The Sangomar deep-water project aims to produce 100,000 barrels of oil per day.

“This is a historic day, a key milestone for Woodside and Senegal,” said Australian energy giant, Woodside while highlighting the significance of the achievement.

Senegal’s new oil production venture is poised to inject billions of dollars into the country’s economy, marking a significant economic breakthrough. However, the government’s recent move to renegotiate oil and gas contracts has sparked concerns among investors, casting a shadow of uncertainty over the industry’s future.

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Prime Minister Ousmane Sonko, a prominent figure in the president’s election campaign, defended the decision, stating, “We are the ones who promised that we would renegotiate the contracts, and we are going to do it. We have started already.”

He further stated that the contracts negotiated by previous governments were “unfavorable” and “did not serve the best interests of the nation”, emphasizing the need for renegotiation to secure more favorable terms for Senegal.

Moreover, President Bassirou Diomaye Faye has reassured the citizens that the revenue generated from the country’s oil and gas resources would be wisely managed, declaring, “We have set up an inter-generation fund for the benefit of your generation and those to come.”