Senegal: President Bassirou Diomaye Faye announces an audit of the oil, gas and mining sectors

In his first televised speech as President of Senegal, Bassirou Diomaye Faye announced the establishment of an independent and comprehensive audit of the country's oil, gas and mining sectors. This bold initiative aims to ensure transparency and good governance in the exploitation of Senegal's natural resources, which are an essential pillar of the country's economic development.

An audit for better natural resource management

The audit, which will cover all aspects of the extractive industries value chain, is in line with President Faye's desire to respond to the aspirations of the Senegalese people for more transparent and equitable management of the country's wealth. It will assess the effectiveness of contracts and agreements signed with extractive companies, guarantee compliance with environmental and social standards, and maximize economic benefits for local populations.

A firm commitment to transparency and accountability

President Faye reaffirmed his commitment to ensuring transparency and accountability in the management of the country's natural resources. In particular, he announced the forthcoming publication of the names of the real owners of extractive companies operating in Senegal, an unprecedented measure aimed at combating corruption and opaque practices.

A call for collaboration and partnership

President Faye also reassured foreign investors that they are welcome in Senegal and that their rights will always be protected. He called for close collaboration between the government, extractive companies and civil society to ensure the sustainable and inclusive development of Senegal's extractive sector.

A promising context for the Senegalese extractive industry

Senegal is poised to enter a new era of economic development thanks to the forthcoming exploitation of its substantial natural oil and gas resources. The Sangomar project, operated by Woodside Energy, is scheduled to come on stream in mid-2024, generating production of around 100,000 barrels per day.

The audit initiated by President Faye will create an environment conducive to responsible investment and inclusive growth in Senegal's extractive sector. By ensuring that the country's natural resources benefit the entire population, Senegal can realize its full economic and social potential and build a prosperous future for its citizens.