Senegal’s Economy Set to Soar with Enhanced Oil and Gas Deals before Launch of Greater Tortue Ahmeyim LNG and Sangomar Field Operations

In his inaugural address, Senegal’s newly elected President, Bassirou Diomaye Faye, pledged to review agreements signed with oil, gas and mining companies to ensure that they are in the best interest of the state. The government will conduct an audit of these sectors with the aim of strengthening local content protection for the national private sector. Faye emphasized that the exploitation of natural resources, which belong to the people according to the constitution, will be a key priority.

Senegal’s growing industry is expected to significantly boost its economy in the coming years. The country is on track to open the $4.8 billion Grand Tortue Ahmeyim liquefied natural gas project, led by bp Plc and Kosmos Energy Ltd., as well as the Sangomar oil development by Woodside Energy Group Ltd. Despite facing delays, these projects are projected to drive economic growth by more than 8% in 2024 and over 10% in 2025.

Despite plans for greater control over its resources, Faye reassured foreign investors that Senegal welcomes their contributions. He stated that Senegal remains open and welcoming to all partners and friendly countries and will continue to nurture these relationships while focusing on optimizing agreements in the oil, gas and mining sectors for the benefit of the nation.

By Riley Johnson

As a content writer at newsmol.com, I dive into the depths of information to craft compelling stories that captivate and inform readers. With a keen eye for detail and a passion for storytelling, I strive to create engaging content that resonates with our audience. Whether it's breaking news, in-depth features, or thought-provoking opinion pieces, I am dedicated to delivering high-quality, informative content that keeps readers coming back for more. My goal is to bring a fresh perspective to every article I write and to make a meaningful impact through the power of words.

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