Senegal’s New President Initiates Audit of Extractive Sectors
In a televised address on Wednesday, newly elected President Bassirou Diomaye Faye announced Senegal’s plans to conduct a comprehensive audit of the oil, gas, and mining sectors. Faye’s landslide victory in the March election reflects the nation’s aspirations for change.
The audit marks one of the initial policy actions undertaken since Faye’s inauguration on Tuesday. Emphasizing the importance of natural resource management, Faye stated, “The exploitation of our natural resources, which belong to the people according to the constitution, will be a top priority for my government.”
While details about the audit were not provided, Faye assured investors of Senegal’s welcoming stance. “Investors are welcome in Senegal,” he affirmed, pledging to safeguard both investor rights and the interests of the state and its citizens.
Senegal anticipates its first offshore oil development, the Sangomar project operated by Woodside Energy, to commence production by mid-2024, with an estimated daily output of around 100,000 barrels.
