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Senegal’s newly elected President announces immediate probe and renegotiation of all Oil, Gas and Mining contracts handed out by former leader
Senegal’s newly elected President, Bassirou Diomaye Faye and Guyana’s Vice President, Dr. Bharrat Jagdeo
Kaieteur News – In a televised address to the nation on Wednesday, Senegal’s newly elected President, Bassirou Diomaye Faye, revealed plans for a comprehensive audit of the nation’s oil, gas, and mining sectors, and their terms and conditions under which they were handed out by his predecessor.
Faye’s announcement comes shortly after his landslide victory over the ruling coalition’s candidate in March’s elections, underscoring the electorate’s strong desire for change in the country of approximately 18 million people. However, Faye’s action strongly contrasts with that of Guyana’s Vice President, Bharrat Jagdeo who while in opposition promised to renegotiate the lopsided ExxonMobil contract with Guyana, but has since changed his tune- even denying that he had ever made such a promise.
A passionate and almost angry Jagdeo while functioning as Leader of the Opposition, just over three years ago, said in an interview that the then A Partnership for National Unity + Alliance For Change (APNU+AFC) Coalition government “sold” the country to “foreigners” because that administration failed to include ring-fencing to shore up profits from the 2016 Production Sharing Agreement (PSA) with American oil giant, ExxonMobil. At that time, Jagdeo assured that when the People’s Progressive Party Civic (PPP/C) returned to office, this would be a priority when the contract is renegotiated. “They sold us out to the foreigners. The oil companies, every time there is a find out there, our people should be sad because nothing comes our way. We are gonna renegotiate those contracts because that’s not what we had in mind,” Jagdeo said then. He added, “When we were in the early days, we were coaxing the people (ExxonMobil) to go along. They (Coalition) came into office – three billion barrels of proven reserves and they gave up zero royalties, no taxes, no ring-fencing.”
Soon after taking office in 2020, the now Vice President (VP) has not only changed his tune but also his tone when it comes to the renegotiation of the Exxon contract and securing greater benefits for Guyanese.
Meanwhile, the audit – one of the initial policy initiatives unveiled since Faye’s inauguration on Tuesday signals a proactive approach to governance by the 44-year-old former tax inspector.
According to the Senegalese newly elected president, “The exploitation of our natural resources, which according to the constitution belong to the people, will receive particular attention from my government.”
According to the newly elected President: “I will proceed with the disclosure of the effective ownership of extractive companies and with an audit of the mining, oil, and gas sector.”
While specific details of the audit were not provided, President Faye did seek to reassure investors about Senegal’s commitment to a conducive business environment. “Investor rights will always be protected, as well as the interests of the state and the people,” he emphasised.
Senegal’s anticipation for economic growth is high as the country gears up for its first offshore oil development, slated to commence production in mid-2024. The Sangomar oil and gas project, spearheaded by Woodside Energy, is expected to yield approximately 100,000 barrels per day, marking a significant milestone in Senegal’s emergence as an oil and gas producer.
President Faye’s ascent to power comes amidst soaring expectations from a youthful population grappling with mounting living expenses and a dearth of employment opportunities.
In response, the new administration has pledged to combat corruption vigorously and introduce sweeping economic reforms aimed at advancing national interests. This includes plans to renegotiate existing oil, gas, and mineral contracts with foreign operators, underscoring Faye’s campaign commitment to ensuring equitable benefits for the Senegalese people.
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