Senegal Launches Major Review of Oil and Gas Contracts to Reclaim Resources

Senegal has initiated a significant effort to regain control over its oil and gas resources, unveiling a commission tasked with reviewing and renegotiating contracts with foreign companies. This move aims to address long-standing criticisms that previous agreements have disproportionately favored international interests over national benefits.
Prime Minister Ousmane Sonko announced the establishment of the commission as part of a broader strategy to ensure that Senegal’s newfound energy wealth directly benefits its citizens. This initiative aligns with a key campaign promise made by President Bassirou Diomaye Faye and Sonko.
Officially established on Monday, the commission is composed of experts in law, taxation, and the energy sector. Its primary role will be to scrutinize existing contracts within Senegal’s oil, gas, and mining sectors, identifying opportunities to renegotiate terms in favor of national interests. The commission is also empowered to enlist additional expertise from abroad if needed.
The formation of this commission follows President Faye’s decisive election victory, in which he committed to auditing and, if necessary, revising contracts with foreign operators in critical sectors. Although specific details of the audit and potential renegotiation plans have yet to be released, the establishment of the commission represents a pivotal step towards fulfilling this promise.
Sonko, who has been a vocal critic of previous agreements as an opposition leader, highlighted the government’s commitment to addressing past injustices. “As an opposition political party, we vigorously denounced the way in which agreements and conventions were concluded to the detriment of Senegal’s strategic interests,” Sonko stated. “Now in power, we are dedicated to doing better and ensuring that our people benefit from our natural resources.”
The commission is expected to have ample resources and authority to thoroughly review the contracts and bring in additional expertise as necessary, marking a significant shift towards prioritizing national interests in Senegal’s energy sector.