Senegal’s renegotiation of oil, mining contracts is ‘risky’:experts

The renegotiation of mining and oil contracts announced by Senegal 's new president to benefit local populations would be "risky" for investment and future partnerships, industry players have warned.The renegotiation of mining and oil contracts announced by Senegal ’s new president to benefit local populations would be “risky” for investment and future partnerships, industry players have warned.

According to Senegal’s state-owned oil company, Petrosen, the combined revenues of the two main deposits of gas and oil are estimated at an annual average of 700 billion CFA francs over 30 years. In an interview with Bloomberg on March 19, Senegal’s former president Macky Sall said the contracts “can always be improved, but frankly, thinking that we can change the contracts already signed with the companies is not possible. That would be a disastrous turn for Senegal”.

Senegal and Mauritania share the GTA on their maritime border, jointly developed by British energy giant BP, the American company Kosmos Energy, the Mauritanian hydrocarbons company SMH and Petrosen. “We are brandishing the spectre of risk, saying that the country that does it won’t be considered safe and that’s going to scare investors away. It is a form of political and moral blackmail on under-developed countries,” he said.

The authorities “have made it clear to us that Senegal will respect its international commitments”, a source at the International Monetary Fund told AFP. Controversies and condemnations, yesterday, trailed the conduct of the All Progressives Congress governorship primaries in the 203 political wards of the state.

Source: News Formal (newsformal.com)

Oil Renegotiation Senegal

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