On Foreign News,
Senegal has achieved its first oil as it officially joins the list of oil-producing countries in West Africa.
The country began producing oil for the first time last week, with the Sangomar deep-water project aiming to produce 100,000 barrels of oil per day.
The Sangomar Field Development Phase 1 is a deepwater project including a stand-alone floating production storage and offloading (FPSO) facility with a nameplate capacity of 100, 000 barrels/day, and subsea infrastructure that is designed to allow subsequent development phases.
The Australian energy giant said it is a historic day, a key milestone for Woodside and Senegal, Woodside while highlighting the significance of the achievement.
President Bassirou Faye assured the nation that profits from the sale of the country’s oil and gas would be well managed.
The move to begin oil production is expected to generate billions of dollars for Senegal and boost the country’s economy. However, the government’s decision to renegotiate oil and gas contracts has been met with some doubt from investors.
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