Australian Company Owns 82% Of Senegal’s 1st Oil-Producing Company Set To Make Billions

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Senegal President Diomaye Faye may not be what Africans around the world hoped for him to be. Senegal has officially become an oil-producing country with the commencement of oil extraction from the Sangomar field. This significant development is expected to yield up to 125,000 barrels per day, generating billions of dollars over the next 30 years. These revenues are crucial for supporting the government’s new development program.

The project is predominantly operated by the Australian company Woodside, which holds an 82% stake. The remaining 18% is owned by the Senegalese state through Petrosen. In light of this milestone, President Bassirou Diomaye Faye has expressed intentions to renegotiate the production-sharing contract to better benefit the nation.

However, not everyone is pleased with the current arrangement. Many Senegalese citizens are unhappy that Australia owns such a large majority of the project, feeling that it limits the financial benefits that should primarily support Senegal’s economy and development. The call for renegotiation of the terms reflects a broader desire for more equitable resource sharing and greater national control over the country’s natural assets.

 

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