Gambiaj.com – (DAKAR, Senegal) – In a move aimed at re-balancing Senegal’s economic partnerships, Prime Minister Ousmane Sonko officially announced the formation of a high-level commission on August 19, 2024. The commission, composed of legal, tax, and energy sector experts, will review contracts signed with foreign companies in key sectors, with a primary focus on the oil and gas industry.

This initiative marks the beginning of one of the major campaign promises made by President Bassirou Diomaye Faye and Prime Minister Sonko during their victorious March 2024 election run.

The commission’s work will target agreements with major industry players, including Woodside, which operates the Sangomar oil block south of Dakar, and British Petroleum (BP), which manages the Grand Tortue Ahmeyim (GTA) gas field, shared between Senegal and Mauritania. The stated goal is to identify imbalances, address legal loopholes, and secure better economic terms for Senegal in these strategic sectors.

Ousmane Sonko emphasized that the purpose is not to “wipe everything out” but rather to renegotiate in a rigorous and methodical manner. “The logic is to work within a legal framework,” he noted, rejecting suggestions that the government plans to nationalize resources or take drastic measures.

The initiative stems from years of concern within the opposition regarding the fairness of agreements signed under previous administrations. Prime Minister Sonko reiterated that as a former opposition leader, he and his party had long criticized contracts that allegedly favored foreign interests over Senegal’s strategic needs. Now in power, the authorities aim to address these issues while maintaining economic stability.

While the commission’s work is widely supported by those seeking greater economic justice, there are also concerns about potential repercussions. Critics, including former President Macky Sall, warn that renegotiating established contracts could destabilize the economy. They argue that while the existing agreements may have flaws, they have provided stability in the country’s nascent oil and gas sectors.

As Senegal prepares to become a significant oil and gas producer, the success of this commission will be pivotal in determining whether the country can secure more favorable deals without risking the progress already made in these industries.