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Senegal Begins Oil Production, President Pledges To Manage Benefits

President Bassirou Diomaye FAYE is due to address the nation on Saturday, July 13, 2024. This will be the to address his first hundred days of his stay in office.
Senegal's President, Bassirou Diomaye Faye

Senegal has begun producing oil for the first time, with President Bassirou Diomaye Faye promising that the profits will be “well managed.”

The oil extraction is part of the Sangomar deep-water project, which aims to produce 100,000 barrels of oil per day and is expected to significantly boost the nation’s economy.

Australian energy company, Woodside, which owns the majority stake in the project, called it a “historic day” and a “key milestone” for the company and Senegal. The national oil company, Petrosen, which holds an 18% stake, also celebrated the start of production.

Petrosen’s general manager, Thierno Ly, said, “We have never been so well positioned for opportunities for growth, innovation and success in the economic and social development of our nation.”

Speaking to students on Tuesday, President Faye, who took office in April, assured that the earnings would be managed responsibly. He added that an “inter-generation fund” had been set up for the young generation and “those to come,” as quoted by AFP news agency.

Senegal’s Prime Minister, Ousmane Sonko, who played a crucial role in Faye’s election campaign, reiterated the government’s commitment to renegotiating oil and gas contracts signed by previous administrations.

While addressing young people, AFP news agency quoted him saying, “We’re the ones who promised you we’d renegotiate the contracts, and we’re going to do it. We’ve started already.”

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