Gambiaj.com – (Sangomar, Senegal) – In a landmark visit to the Sangomar oil exploitation platform on Tuesday, President Bassirou Diomaye Faye reaffirmed his administration’s commitment to the transparent and equitable management of Senegal’s natural resources, emphasizing the strategic importance of this project for the nation’s economy.

“This morning I visited the Sangomar platform, where the first barrels of oil are being produced,” President Faye announced on his X account (formerly Twitter). Praising the collective efforts behind the discovery and exploitation of these resources, he stated, “I salute the self-sacrifice and merit of all those who believed in the presence of this resource at the bottom of our oceans and promoted the Senegal sedimentary basin.”

President Faye’s visit underscored the government’s dedication to ensuring that the benefits of Senegal’s natural resources are equitably shared among its people. “I also express my pride after seeing brilliant young Senegalese at work deploying their know-how at the heart of this impressive platform,” he added, highlighting the significant role of local talent in the country’s burgeoning oil industry.

Key officials accompanying the President included Ms. Meg O’Neill, CEO of Woodside Energy, Minister of Energy, Oil and Mines Birame Souleye Diop, Minister of the Armed Forces General Birame Diop, and General Director of PETROSEN Thierno Seydou Ly. Their presence emphasized the importance of both international collaboration and national leadership in advancing Senegal’s energy projects.

 Sangomar field’s strategic importance for the Senegalese economy

The Sangomar field, located approximately 100 kilometers south of Dakar, represents a pivotal achievement in the collaboration between Woodside Energy and Société des Petroles du Sénégal (PETROSEN). According to the Multi-Year Budget and Economic Programming Document (DPBEP), the first commercial oil cargo is expected in early July 2024. The field is projected to generate 630 million barrels of oil and 2.4 trillion cubic feet (Tcf) of natural gas. In 2024 alone, it is estimated that 11.7 million barrels will be extracted, with 4.34 million barrels destined for the local market.

These figures underscore the strategic importance of the Sangomar field for the Senegalese economy. The DPBEP forecasts that Senegal’s hydrocarbon reserves could generate 576.3 billion CFA francs by 2027. These revenues are slated for investment in the Public Investment Program (PIP) and current expenditure, with priority given to sectors such as health, education, water, and sanitation. These investments aim to enhance infrastructure and public services, contributing to sustainable development and the well-being of the Senegalese population.

Exploitation of the Sangomar oil field officially began on June 11, 2024. This flagship project signifies a major step for Senegal, marking its entry into a new era of hydrocarbon production. The exploitation presents a significant opportunity for Senegal to diversify its economy and strengthen its financial capacities. However, it also poses challenges in terms of sustainable resource management and environmental protection. The Senegalese government is committed to adopting responsible practices to maximize economic benefits while minimizing environmental impacts.

As Senegal embarks on this new chapter of energy development, President Faye’s commitment to transparency and equitable resource management promises a future where the nation’s natural wealth benefits all its citizens.