April 22, 2024 12:23 am
Senegal’s Economy Set to Soar with Enhanced Oil and Gas Deals before Launch of Greater Tortue Ahmeyim LNG and Sangomar Field Operations

Senegal has recently elected Bassirou Diomaye Faye as its new President, who has announced plans to review agreements signed with oil, gas, and other resource companies. The government aims to conduct an audit of the mining, gas, and oil sectors in order to strengthen local content protection for the national private sector. Faye emphasized that the exploitation of natural resources, which belong to the people according to the constitution, will be a key priority.

Senegal’s growing industry is expected to boost its economy significantly. The country is on track to open two major projects: the $4.8 billion Grand Tortue Ahmeyim liquefied natural gas project led by bp Plc and Kosmos Energy Ltd., and the Sangomar oil development by Woodside Energy Group Ltd. These projects have faced delays but are projected to drive economic growth by more than 8% in 2024 and over 10% in 2025.

Despite these plans for greater control, Faye reassured foreign investors that Senegal welcomes their contributions. He stated that Senegal remains open and welcoming to all partners and friendly countries, and will continue to nurture these relationships while focusing on optimizing agreements in the oil, gas, and mining sectors for the benefit of the nation.

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