Senegal has joined the group of oil-producing countries with the extraction of the first barrels from the Sangomar field, off the coast of Dakar, on June 10th.

This project, requiring an investment of 5 billion dollars, aims to achieve a production of 100,000 barrels per day. According to Ameth Guisse, CEO of Maak Petroleum Company, this discovery promises more affordable energy and enhances the competitiveness of businesses.

However, concerns persist regarding the exploitation contracts. Currently, the Australian company Woodside holds 82% of the shares in the Sangomar project, leaving 18% to the Senegalese state, with a profit share ranging from 15% to 40%.

Ousmane Dieng, Senegalese economist and statistics expert, emphasizes that this source of income will enable double-digit growth rates and the financing of the local economy. He underscores the importance of directing these funds towards public policy priorities to ensure sustainable structural transformation of the economy.

Article source: africanews