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Senegal sets up commission to review oil and gas contracts
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Senegal sets up commission to review oil and gas contracts
Aug 19, 2024 3:17 PM

DAKAR, Aug 19 (Reuters) - Senegal has set up a

commission of legal, tax, and energy sector experts to review

its oil and gas contracts and work to rebalance them in the

national interest, Prime Minister Ousmane Sonko said on national

television on Monday.

President Bassirou Diomaye Faye, who defeated the ruling

coalition candidate in a landslide victory in March, ordered an

audit of the oil, gas and mining sectors after coming into

office, and vowed to renegotiate the terms of contracts with

foreign operators in the country if needed.

Authorities have not shared details on the audit or updates

on any renegotiation plans.

Sonko said they were committed to their promise to the

Senegalese people "to come back to these various agreements to

re-examine them and work to rebalance them, obviously in the

national interest."

He said the commission will have sufficient resources to

look into the contracts and hire experts from abroad if

necessary. He did not say how long the review would take.

The move comes soon after Senegal became an oil producer for

the first time. Australia's Woodside Energy ( WDS ) announced

in June that its Sangomar oil and gas field had produced its

first oil.

Gas production is also due to begin by the end of the year

at the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG)

project, operated by BP.

(Writing by Alessandra Prentice; Editing by Sandra Maler)

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