Senegal’s newly elected President, Bassirou Diomaye Faye, announced on Wednesday that his government will conduct an audit of the country’s oil, gas, and mining sectors.
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In a televised speech, Faye emphasized that the exploitation of natural resources will receive significant attention, as they belong to the people according to the constitution.
“The exploitation of our natural resources, which according to the constitution belong to the people, will receive particular attention from my government”.
“I will proceed with the disclosure of the effective ownership of extractive companies (and) with an audit of the mining, oil, and gas sector”, he said.
While providing limited details, he reassured investors that they are welcome in Senegal and that investor rights will be protected.
The audit is one of the initial policy measures introduced by President Faye since his inauguration on Tuesday.
Senegal’s first offshore oil development, the Sangomar project operated by Woodside Energy, is set to commence production in mid-2024, with an estimated daily output of 100,000 barrels.
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