Senegal opposition eyes changes to oil contracts

Senegal opposition eyes changes to oil, mining contracts

Senegal

DAKAR, March 12, 2024 – The Senegalese opposition coalition, considered a strong contender in the March 24 elections, plans to renegotiate the country’s oil and mining contracts, Reuters reported on Tuesday.

Senegal is poised to become a major oil and gas producer, with first production expected later in 2024. This includes an eventual 100,000 bopd and at least 2.5 million tonnes of LNG per year from BP’s offshore Greater Tortue-Ahmeyim project.

Apart from the revamp of oil and mining contracts, the coalition also aims to introduce a national currency (departing from the West African CFA franc) along with tax and Customs reforms.

“Convinced that full independence cannot be achieved without controlling the economy, livestock management, fisheries and agriculture, we are fully committed to achieving food, digital, fiscal, energy and scientific sovereignty,” the report quoted opposition leader Bassirou Diomaye Faye as saying.