Senegal officially becomes newest oil producer

Senegal’s Sangomar oil and gas field has produced its first oil, operator Woodside Energy said, with the newly elected president Bassirou Faye promising that oil revenue will be “well managed.”

Senegal also expected to start producing gas this year in the Greater Tortue Ahmeyim offshore field which it shares with Mauritania.

“This is an historic day for Senegal and for Woodside,” said Woodside CEO Meg O’Neill in a statement. “First oil from the Sangomar field is a key milestone and reflects delivery against our strategy.”

Sangomar field, which also has gas, has a production capacity of 100,000 barrels per day and is expected to generate billions of dollars for the Senegalese economy.

Faye, who won elections in April, has promised to renegotiate the deal with operators. He told students this week that earnings would be “well managed”, and that an “inter-generation fund” had been set up for the benefit of “your generation and those to come”.