Senegal has officially started producing oil. The West African country began producing oil for the first time last week, with the Sangomar deep-water project aiming to produce 100,000 barrels of oil per day. This development is expected to generate billions of dollars for Senegal and boost its economy.
President Bassirou Diomaye Faye assured the nation that profits from the sale of oil and gas would be well managed, and an inter-generation fund has been set up for the benefit of future generations.
The government’s decision to renegotiate oil and gas contracts has been met with some skepticism from investors, but Prime Minister Ousmane Sonko justified the move, saying that contracts signed by previous administrations were “unfavourable” to the country.
