Senegal’s New President Announces Audit of Oil and Gas Sectors.

Senegal’s newly elected President, Bassirou Diomaye Faye, has revealed plans to conduct a comprehensive audit of the nation’s oil, gas, and mining sectors. This announcement follows Faye’s campaign promise to re-negotiate contracts with foreign operators in these industries, as Senegal prepares for the commencement of oil and gas production later this year.

The decision to audit the sectors signals a commitment by President Faye’s government to ensure transparency, accountability, and optimal benefit from the country’s natural resources. It also aims to address any potential discrepancies or inefficiencies in existing agreements with foreign companies.

Among the key companies operating in Senegal’s oil and gas sectors are BP and Kosmos Energy, which are spearheading the development of the Greater Tortue Ahmeyim (GTA) project. This project, Senegal’s first liquefied natural gas (LNG) venture, involves a floating facility located on the border between Senegal and Mauritania. BP holds a 56% stake in the project, while Kosmos Energy holds 27%.

Kosmos Energy is also the operator of the Yakaar-Teranga gas field, estimated to contain around 25 trillion cubic feet of “advantaged” gas. This significant discovery underscores the potential for Senegal to become a major player in the global energy market.

Woodside Energy, an Australian company, is another key player in Senegal’s oil and gas sector. It holds an 82% stake in the Sangomar oil and gas field, located off the coast of Senegal. Development of the Sangomar field commenced in early 2020, with the first oil production expected in mid-2024.

President Faye’s initiative to audit the oil, gas, and mining sectors reflects a proactive approach to governance and resource management. It underscores the government’s commitment to ensuring that Senegal’s natural wealth is harnessed responsibly for the benefit of its citizens and the nation as a whole.