Why Senegal’s New President Wants To Audit The Nation’s Oil, Gas, Mining Sectors

Senegal’s newly elected President Bassirou Diomaye Faye has stated that he would conduct a thorough audit of Senegal’s oil , gas and mining sectors.According to Reuters, the announcement followed a campaign promise to renegotiate the terms of oil, gas and mineral resources with foreign operators in the country set to begin production of oil and gas in the country this year.

This is the second major move made by the Faye led administration since announcing Ousmane Sonko an ally and mentor as the new prime minister of Senegal.We are now going to take a look at the companies which would be audited by the Faye administration.They are the major companies invested in Senegal’s Oil, gas and mining sectors.

British Petroleum (BP)

BP and US listed Kosmos energy are spearheading the development of Greater Tortue Ahmeyim (GTA) which is Senegal’s first Liquefied Natural Gas (LNG) project.

GTA located at the border between Senegal and Mauritania will produce 2.3 million tonnes of LNG per year in its first phase.BP is the project’s operator, with a 56% stake. Kosmos Energy holds a 27% stake. Senegal, through its national oil company Petrosen, holds 10%, and Mauritania, through its SMHPM oil company, 7%.

Kosmos Energy

US listed Kosmos energy entered Senegal’s oil and gas industry in 2014 with the acquisition of stakes in the Cayar and St. Louis offshore blocks where the GTA is located.It has a 90% stake in Yakaar-Teranga gas field believed to be the world largest gas discoveries in recent years. The gas field holds about 25 trillion cubic feet of advantaged gas.

Woodside Energy

Australian Woodside energy has an 82% stake in Sangomar Oil and gas field. Senegal’s Petrosen owns the rest.