Senegal’s newly elected President, Bassirou Diomaye Faye, has announced plans to review agreements with oil and gas companies to ensure that they benefit the state. In a televised speech on the eve of the country’s independence day, Faye stated that the government will conduct an audit of the mining, gas, and oil sector to strengthen local content protection for the national private sector. He emphasized that natural resources, which belong to the people, will be a priority for the country.
This announcement suggests that Senegal aims to take more control of its resources to leverage the industry’s potential for economic growth. The country is on the brink of significant developments, with projects like the Grand Tortue Ahmeyim liquefied natural gas project and the Sangomar oil development set to boost economic growth in the coming years.
Faye reaffirmed Senegal’s commitment to welcoming foreign investment, stating that the country remains open and friendly to partners and investors. Despite seeking to optimize agreements in the interest of the state, Senegal will continue to foster positive relationships with foreign countries for mutual benefit and growth.
