Senegal’s President Faye, who recently won the election by a significant margin, has declared his intention to conduct an audit of the country’s oil, gas, and mining industries. This decision marks one of his initial actions in office since his inauguration this past Tuesday, signaling a commitment to change for the nation with an approximate population of 18 million.
At 44 years old, the ex-tax inspector has emphasized the importance of the natural resources sector, which he insists should serve the Senegalese populace as per the national constitution.
“My administration will pay special attention to the management of our natural resources,” Faye stated. He announced plans to reveal the actual ownership of companies involved in extraction and to audit the sectors of mining, oil, and gas.
While he did not elaborate on the specifics of the audit, Faye aimed to alleviate concerns among investors, affirming that Senegal remains open to investment. He assured that the rights of investors would be safeguarded, along with the state and public interests.
Senegal is on the brink of a significant milestone in its energy sector, with its inaugural offshore oil project, led by Woodside Energy, poised to commence production in mid-2024. The Sangomar oil and gas initiative is anticipated to yield around 100,000 barrels of oil daily.
