By Sabiu Abdullahi
Senegal has officially begun producing oil, marking a significant milestone in the country’s economic history.
The Sangomar deep-water project, operated by Australian energy giant Woodside, aims to produce 100,000 barrels of oil per day.
Woodside hailed the achievement as “a historic day, a key milestone for Woodside and Senegal.”
President Bassirou Diomaye Faye assured the nation that profits from the sale of 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.”
Thierno Ly, general manager of Petrosen, echoed the president’s sentiments.
He said, “We have never been so well positioned for opportunities for growth, innovation, and success in the economic and social development of our nation.”
The move is expected to generate billions of dollars for Senegal and boost the country’s economy.
However, the government’s decision to renegotiate oil and gas contracts has been met with skepticism from investors.
Prime Minister Ousmane Sonko justified the move, saying, “We are the ones who promised that we would renegotiate the contracts; and we are going to do it. We have started already.”
He added that contracts signed by previous administrations were “unfavourable” to the country.
Your reaction