Senegal sets up commission to review oil and gas contracts

Senegal has established a commission of legal, tax, and energy experts to review its oil and gas contracts, aiming to rebalance them in favor of the national interest, Prime Minister Ousmane Sonko announced on national television according to Reuters. President Bassirou Diomaye Faye ordered an audit of the oil, gas, and mining sectors after his election in March. Faye promised to renegotiate contracts with foreign operators, if necessary, although officials have not yet provided details on the audit or any potential renegotiations.

Sonko emphasized the government's commitment to revisiting these agreements to ensure they benefit Senegal. He asserted commission will be well-resourced and would be able to hire international experts. This initiative comes after Senegal became Africa’s latest oil producer. In June, Australia’s Woodside Energy announced that its Sangomar field produced its first oil, and gas production is expected to start by year-end at the BP-operated Greater Tortue Ahmeyim LNG project.