Senegal’s new leader Diomaye Faye to audit oil, mining industries
TLDR
- Senegal's President, Bassirou Diomaye Faye, announces a comprehensive audit of the country's oil, gas, and mining sectors for transparency and accountability.
- President Faye emphasizes investor confidence and welcomes stakeholders to contribute to the nation's resources management.
- The audit aims to reveal true ownership of extractive companies in Senegal, highlighting the government's commitment to responsible resource management.
Senegal's newly elected President, Bassirou Diomaye Faye, declared plans for a comprehensive audit of the country's oil, gas, and mining industries during a televised address on Wednesday. This initiative, one of his first policy announcements since assuming office, aims to ensure transparency and accountability in the management of the nation's natural resources.
President Faye's landslide victory in the March elections reflects widespread aspirations for change in Senegal. Emphasizing the importance of investor confidence, he reassured stakeholders of their welcome in the country.
The 44-year-old underscored his commitment to revealing the true ownership of extractive companies and conducting an audit of the mining, oil, and gas sectors, affirming his administration's dedication to the prudent management of Senegal's resources, which are constitutionally owned by the people.
Key Takeaways
Senegal is poised to achieve a significant economic milestone with the anticipated commencement of offshore oil and gas production in 2024. The Grand Tortue Ahmeyim LNG project, in collaboration with Mauritania, is set to start producing 2.5 million tonnes of liquefied natural gas annually by the third quarter of 2024, primarily targeting export to Europe. Additionally, the Sangomar offshore oil field, operated by Woodside, is scheduled to launch production of 100,000 barrels per day by mid-2024. The exploitation of these hydrocarbon resources holds the potential to substantially augment government revenues, boost exports, and stimulate economic growth upon their activation.
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