* Senegal said BP-operated gas contract is unfair, talks

ongoing

* Senegal has launched a wide-ranging review of strategic

contracts

* Renegotiations affect oil, gas, fishing, infrastructure

and more

* Senegal has cancelled 71 oil and gas licenses, promises

change

(Adds quotes, detail throughout)

By Jessica Donati and Bate Felix

March 12 (Reuters) - Senegalese Prime Minister Ousmane

Sonko vowed on Thursday that sweeping changes were ahead,

declaring a BP gas contract unfair, revoking 71 mining

licenses and freezing the accounts of a major Indorama

subsidiary until it pays the state roughly 380 million euros

($438 million).

The moves mark the most concrete steps yet from a government

that came to power in 2024 promising to audit and potentially

renegotiate the West African nation's resource deals and rebuild

the country's finances.

"The contracts that have been signed are unfair contracts,

which we intend to discuss in detail," Sonko said in a televised

statement.

The government review found that a gas contract for the Greater

Tortue Ahmeyim project operated by BP was one-sided and unfair.

Sonko said he would publish a document with the details of the

contracts studied, which also included fishing and

infrastructure. He did not provide specifics about any

discussion with BP.

BP did not respond to an email seeking comment.

REVIEW TO BOOST SENEGAL'S FINANCES

Sonko said the renegotiations would rebuild Senegal's

finances and boost the economy by delivering cheaper gas to

industries as well as the population.

Senegal is grappling with debts that reached 132% of gross

domestic product at the end of 2024, according to the

International Monetary Fund, which froze its lending

program after a government audit discovered misreported debt.

Sonko has previously said the country will not need to

implement a restructuring plan, despite what he called a

difficult and painful repayment schedule.

Senegal has announced a plan to close 19 government agencies to

save money. Tensions have risen at universities over the

government not paying students promised financial aid.

Meanwhile, teachers' unions have held nationwide strikes over

shortages, salaries and taxes.

NATIONALISING YAKAAR-TERANGA PROJECT

Sonko said talks to nationalise the Yakaar-Teranga gas project,

operated by Kosmos Energy ( KOS ), were nearly concluded and

Senegal would retake the block at no cost in the coming weeks.

Kosmos Energy ( KOS ), which has a 90% stake, became the operator of the

Yakaar-Teranga gas field in 2023 after BP decided to exit.

Kosmos' license for the field runs out in July, the company has

said. Kosmos did not respond to emails seeking comment on the

terms of the nationalisation.

Sonko did not share updates on Australia's Woodside Energy ( WDS )

, which operates Senegal's Sangomar oil and gas

field. Senegal became an oil-producing nation when the Sangomar

field began production in June 2024.

Sonko said the government has also cancelled the licenses of

several blocks such as Diender Offshore, Differe, Cayar Offshore

Shallow, St Louis Offshore Shallow and Rufisque Offshore. He

said the government was discussing the resizing of blocks, as

the previous perimeters were too vast and did not meet

international best practices.

SENEGAL FREEZES INDORAMA'S ACCOUNTS

Senegal has frozen the accounts of Industries Chimiques du

Sénégal (ICS) until the phosphate and fertilizer company pays

the state 250 billion CFA francs (380 million euros), Sonko

said. He singled it out as a top offender in the mining sector.

Privately owned Singapore-based Indorama Corporation controls

ICS.

Indorama did not respond to an email seeking comment.

The government has also revoked 71 mining licenses, including

14 gold licenses, because the companies failed to abide by

contract terms.

More broadly, Sonko said many infrastructure projects had

overcharged Senegal by an average of 15%, costing the indebted

country hundreds of millions of euros.

"We are still a long way from having completed this work," he

said, adding that the review would likely continue through his

term in office. "We're going to completely change the way of

doing things."

($1 = 0.8685 euros)