Senegal has produced its first oil, formally joining the group of West African nations that produce oil.
With the Sangomar deep-water project expecting to generate 100,000 barrels of oil per day, the nation started producing oil last week.
“The Sangomar Field Development Phase 1 is a deepwater project that consists of subsea infrastructure intended to support further development phases as well as a standalone floating production, storage, and offloading (FPSO) facility with a nameplate capacity of 100,000 barrels/day.
“This is a historic day, a key milestone for Woodside and Senegal,” declared the major Australian energy company, underscoring the importance of the accomplishment.
“We have set up an inter-generation fund for the benefit of your generation and those to come,” President Bassirou Faye declared, giving the people confidence that the proceeds from the sale of the nation’s oil and gas would be responsibly managed.
The government’s decision to renegotiate oil and gas contracts has been met with some skepticism from investors, but Prime Minister Ousmane Sonko, a key figure in the president’s election campaign, justified the move, saying,
“We are the ones who promised that we would renegotiate the contracts, and we are going to do it. We have started already.”
Thierno Ly, the general manager of the national oil company, Petrosen, echoed the president’s remarks, saying, “We have never been so well positioned for opportunities for growth, innovation and success in the economic and social development of our nation.”
He continued by saying that agreements made by earlier governments were “unfavourable” to the nation.
Senegal’s administration is steadfast in its commitment to making sure the country reaps the rewards of its natural resources as it ushers in a new era of oil production.
