Senegal has joined the list of oil-producing countries in West Africa.
The country began producing oil for the first time, last week, marking a significant milestone in the country’s economic history.
The exploration began with the Sangomar deep-water project, with the aim to produce 100,000 barrels of oil per day.
“This is a historic day, a key milestone for Woodside and Senegal,” said Australian energy giant, Woodside while highlighting the significance of the achievement.
President Bassirou Diomaye Faye assured the nation that profits from the sale of the country’s oil and gas would be well managed, stating, “We have set up an inter-generation fund for the benefit of your generation and those to come.”
Thierno Ly, the general manager of the national oil company, Petrosen, echoed the president’s sentiments, saying, “We have never been so well positioned for opportunities for growth, innovation and success in the economic and social development of our nation.”
The move to begin oil production is expected to generate billions of dollars for Senegal and boost the country’s economy.
However, government’s decision to renegotiate oil and gas contracts has been met with some skepticism from investors.
