SENEGAL’S newly appointed Energy and Mines Minister, Birame Souleye Diop, revealed on Thursday the government’s intention to revisit oil, gas, and mining contracts following an upcoming audit. This decision underscores President Bassirou Diomaye Faye’s commitment to transparency and accountability in the country’s resource sector.
President Faye, who secured a resounding victory in last month’s elections, announced the audit shortly after his inauguration on April 2, reaffirming Senegal’s commitment to attracting investments while ensuring the interests of its citizens.
In one of his first public statements since assuming office, Minister Diop emphasised the government’s focus on scrutinising the energy and mining sectors, particularly as Senegal prepares to commence oil and gas production this year. ‘Publishing the contracts, conducting a mining audit, and prioritizing the people’s interests are among our top priorities,’ stated Minister Diop.
Notable players in Senegal’s energy landscape include BP and Kosmos Energy, leading the development of Greater Tortue Ahmeyim, the country’s first LNG project. Additionally, Australia’s Woodside Energy holds a significant stake in Senegal’s offshore Sangomar oil and gas field, expected to commence oil production later this year.
‘We are committed to promoting our resources to our partners in a manner that aligns with the interests of the Senegalese public,’ Minister Diop affirmed in a local radio interview, indicating the government’s determination to fulfill its campaign promises, including renegotiating contracts with foreign operators.
This shift in policy represents a departure from the investor-friendly approach of former President Macky Sall, whose infrastructure-focused strategy struggled to address Senegal’s economic challenges. However, the International Monetary Fund (IMF) anticipates that Senegal’s forthcoming oil and gas production will drive economic growth to double digits next year, signaling promising prospects for the country’s future.
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