Senegal, with large reserves of natural gas, appears to be on the verge of becoming a significant hydrocarbon producer. This resource wealth presents opportunities, but also risks. NRGI’s new paper reviews the experience of other ?new producers? and draws lessons for Senegal.
Why is Senegal focusing on oil projects?
¡°Senegal is focused on the development of its oil projects to meet its objective of starting production from 2023,¡± she said. The resources will be used ¡°to build an economy that¡¯s connected and competitive,¡± through the reduction of electricity costs, the development of local content, and industrialization.
How can Senegal contribute to the public debate on natural resources?
All stakeholders have a role to play in contributing to informed public debate on natural resources. Senegal¡¯s prospects for oil and gas revenues are uncertain due to the possibility of production delays and volatility in prices. Senegalese officials should consider multiple scenarios and plan conservatively for future spending.
How is access to the petroleum sector granted in Senegal?
Access to the petroleum sector in Senegal is granted to companies having the required technical and financial capabilities. Block awarding is decided by the Government on a discretionary basis either by tender procedure or by direct negotiations with the ME.