https://en.sputniknews.africa/20240820/senegal-establishes-expert-commission-to-examine-contracts-for-oil-and-gas-1067931470.html
Senegal Establishes Expert Commission to Examine Contracts for Oil and Gas
Senegal Establishes Expert Commission to Examine Contracts for Oil and Gas
Sputnik Africa
In June, Senegal officially joined the ranks of oil-producing nations with the commencement of oil production at the Sangomar field, operated by Australian... 20.08.2024, Sputnik Africa
2024-08-20T13:58+0200
2024-08-20T13:58+0200
2024-08-20T15:03+0200
sub-saharan africa
west africa
bassirou diomaye faye
senegal
liquefied natural gas (lng)
oil
policy
domestic policy
foreign policy
economy
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Senegal has established a commission of legal, tax, and energy experts to review and rebalance its oil and gas contracts in the national interest, Prime Minister Ousmane Sonko announced on national television.The initiative follows President Bassirou Diomaye Faye's landslide victory in March, after which he ordered an audit of the oil, gas, and mining sectors, pledging to renegotiate terms with foreign operators if necessary.While specific details of the audit and renegotiation plans have not been disclosed, Sonko reaffirmed the government's commitment to re-examining and rebalancing these agreements for the benefit of the Senegalese people.The prime minister explained, that contrary to some beliefs, the aim was never to erase everything, start from scratch, or nationalize assets.He assured that the commission would have ample resources and could hire international experts if needed, although he did not specify a timeline for the review.This development coincides with Senegal's recent emergence as an oil producer. Additionally, gas production at the BP-operated Greater Tortue Ahmeyim LNG project is expected to begin by the end of the year.
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west africa, bassirou diomaye faye, senegal, liquefied natural gas (lng), oil, policy, domestic policy, foreign policy, economy, finance
west africa, bassirou diomaye faye, senegal, liquefied natural gas (lng), oil, policy, domestic policy, foreign policy, economy, finance
Senegal Establishes Expert Commission to Examine Contracts for Oil and Gas
13:58 20.08.2024 (Updated: 15:03 20.08.2024) In June, Senegal officially joined the ranks of oil-producing nations with the commencement of oil production at the Sangomar field, operated by Australian energy giant Woodside Energy. This followed Senegal's President Bassirou Diomaye Faye's order for a comprehensive assessment of the country's economic and financial situation.
Senegal has established a commission of legal, tax, and energy experts to review and rebalance its oil and gas contracts in the national interest, Prime Minister Ousmane Sonko
announced on national television.
The initiative follows President Bassirou Diomaye Faye's landslide victory in March, after which he
ordered an audit of the oil, gas, and mining sectors, pledging to renegotiate terms with foreign operators if necessary.
While specific details of the audit and renegotiation plans have not been disclosed, Sonko reaffirmed the government's commitment to re-examining and rebalancing these agreements for the benefit of the Senegalese people.
"We made a firm commitment to revisit these various agreements, re-examine them, and work to rebalance them in favor of national interests. As you know, it is extremely important to us to keep the promises we make to the people," he said.
The prime minister explained, that contrary to some beliefs, the aim was never to erase everything, start from scratch, or nationalize assets.
He assured that the commission would have ample resources and could hire international experts if needed, although he did not specify a timeline for the review.
This
development coincides with Senegal's recent emergence as an oil producer. Additionally, gas production at the BP-operated Greater Tortue Ahmeyim LNG project is expected to begin by the end of the year.
