Senegal begins review of oil and gas contracts in bid to reclaim resources

RFI

23 August 2024 at 10:30 am·1-min read

Senegal has launched a major effort to reclaim control over its oil and gas resources, setting up a commission to review and renegotiate contracts with foreign companies that critics say have long favoured international interests over national ones.

Prime Minister Ousmane Sonko announced the move as part of the government's broader push to ensure that Senegal’s newfound energy wealth benefits its people, fulfilling a key campaign promise made by President Bassirou Diomaye Faye and Sonko.

The commission, comprised of legal, tax and energy sector experts, was officially established on Monday.

It will scrutinise contracts in Senegal's oil, gas, and mining sectors to identify areas where terms can be renegotiated in favour of the national interest. The commission has the authority to bring in additional expertise from abroad if necessary.

This move follows President Faye's landslide election victory, in which he promised to audit and, if needed, renegotiate contracts with foreign operators in strategic sectors.

While details of the audit and any specific renegotiation plans have not been disclosed, the establishment of this commission marks a significant step towards fulfilling that commitment.

Promises

Sonko emphasised the government's dedication to honouring its pledge to the Senegalese people.

"As an opposition political party, we vigorously denounced the way in which agreements and conventions were concluded to the detriment, most of the time, of the strategic interests of Senegal and its people," Sonko said.

Now in power, he promises to do better.

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Promises

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