President Faye secured a resounding victory over the ruling coalition’s candidate in the March 2024 election, signaling widespread aspirations for change within the nation, which boasts a population of approximately 18 million.The audit represents one of the initial policy initiatives unveiled since the inauguration of the 44-year-old former tax inspector on March 3, 2024.
Emphasizing his commitment to prioritizing the equitable utilization of natural resources, he underscored that such resources, as enshrined in the constitution, rightfully belong to the people.”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 affirmed.
While further elaboration on these measures was not provided, he also sought to reassure investors, extending a warm welcome to Senegal.”Investor rights will always be protected, as well as the interests of the state and the people,” he affirmed, emphasizing the government’s commitment to ensuring a balanced approach. Senegal’s inaugural offshore oil development, the Sangomar oil and gas project operated by Woodside Energy (WDS.AX), is slated to commence production in mid-2024, with an anticipated output of approximately 100,000 barrels per day. (Reuters)