Senegalese President Faye Advocates for Oil Contract Renegotiation

Senegalese President Bassirou Diomaye Faye announced plans to renegotiate oil contracts, suggesting better terms could have been secured. Following his landslide victory in March, Faye called for an audit of the oil, gas, and mining sectors. He emphasized mutual benefits and highlighted how other countries have negotiated more favorable deals.

Senegalese President Bassirou Diomaye Faye has revealed plans to renegotiate the nation's oil contracts, asserting that better terms should have been secured. His announcement comes after a landslide election victory in March, with Faye ordering an audit of the oil, gas, and mining sectors upon taking office.

Marking his 100th day in office, Faye emphasized the necessity for contracts that benefit both sides, citing examples of other countries achieving more favorable deals. His comments follow Woodside Energy's announcement of first oil production at the Sangomar field, positioning Senegal as a new oil producer on the global stage.

With Senegal's national oil company Petrosen holding an 18% stake in the Sangomar project, the country looks forward to gas production at the GTA liquefied natural gas project by the year's end. Faye aims to leverage these resources for broader economic development. (Writing by Alessandra Prentice, editing by Deepa Babington)

(With inputs from agencies.)