Senegal has officially joined the list of oil-producing countries in West Africa, marking a significant milestone in the country’s economic history. On Tuesday, the country began producing oil for the first time, with the Sangomar deep-water project aiming 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, highlighting the significance of the achievement.
President Bassirou Diomaye Faye assured the nation that the 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.”
Thierno Ly, 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 move to begin oil production 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 some skepticism from investors.
Prime Minister Ousmane Sonko, a key figure in the president’s election campaign, justified the move, saying, “We’re the ones who promised you we’d renegotiate the contracts, and we’re going to do it. We’ve started already.” He added that contracts signed by previous administrations were “unfavorable” to the country.
As Senegal enters this new era of oil production, the government remains committed to ensuring that the nation benefits from its natural resources.