NEWS

SENEGAL JOINS LEAGUE OF OIL PRODUCING COUNTRIES 

Senegal has joined the league of oil producing countries in Africa as it started oil production for the first time on Tuesday.

Following this development, President Bassirou Diomaye Faye has promised that profits from the sale of the country’s oil and gas would be “well managed”, Australian energy giant Woodside described the oil production in Senegal as a “historic day” and a "key milestone" for the company and the country.

BBC reports that the Sangomar deep-water project, which also has gas, aims to produce 100,000 barrels of oil per day. It is expected to generate billions of dollars for Senegal, boosting country’s economy as a result.

The General Manager of the National Oil Company, Petrosen, Thierno Ly, said the country is now in a “new era” with production commencing Tuesday.
 

Ly was quoted as saying, "We have never been so well positioned for opportunities for growth, innovation and success in the economic and social development of our nation." 

It was reported that Petrosen has an 18% stake in the project while Woodside owns the remaining part.

Since his election in April this year, President Faye has been keen on renegotiating the deal as part of reforms he promised during the election campaign.
The President, while speaking to students on Tuesday, said the earnings from the oil and gas production would be "well managed", and that an “inter-generation fund” had been set up for the benefit of "your generation and those to come.”

The country’s move to renegotiate oil and gas contracts is seen by analysts as making investors jittery, but government supporters have reportedly said it is vital for the West African state to increase its stake in projects so that the nation benefits from its natural resources.

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