Senegal’s new govt to audit oil, gas, mining industries, pledging to protect investor rights

Senegal will conduct a comprehensive audit of the oil, gas and mining sectors, according to the newly elected President Bassirou Diomaye Faye, who, however, also thought to reassure jittery investors they were welcome in the country.
The audit is one of the first policy moves announced by the 44-year-old former tax inspector who stated that “the exploitation of our natural resources, which according to the constitution belong to the people, will receive particular attention from my government.” But the new president also emphasized investor confidence and welcomes stakeholders to contribute to the nation’s resources management. “Investor rights will always be protected, as well as the interests of the state and the people,” he said. The audit aims to reveal “the effective ownership of extractive companies” in Senegal, highlighting the government’s commitment to transparency and accountability in the management of the nation’s natural resources.
Faye defeated the ruling coalition’s candidate in an election last month by a landslide, reflecting widespread aspirations for change in the country of around 18 million. Senegal is poised to achieve a significant economic milestone with its first offshore oil development due to start production in mid-2024. The Grand Tortue Ahmeyim LNG project is set to start producing 2.5 million tonnes of liquefied natural gas (LNG) annually, primarily targeting export to Europe. Also the Sangomar offshore oil field is scheduled to launch production of 100,000 barrels per day by mid-2024. Faye administration is also expected to take a look at the other major companies invested in Senegal’s Oil, gas and mining sectors, including British Petroleum (BP), US-listed Kosmos Energy, Australian Woodside Energy, the French energy giant Total and others.