The African Energy Chamber is proud to acknowledge and support the decisive reforms by the Senegalese Presidential Council on the distribution and supervision of the management of revenues derived from the exploitation of hydrocarbons, marking a significant step towards H.E. President Macky Sall’s desire for oil and gas to be conducive to the well-being of all Senegalese people.
In line with the utmost ambition and aspiration for all Senegalese people to benefit and prosper from the country’s natural resources, this new legislation marks a critical turning point for the Senegalese oil and gas industry landscape, serving to promote collaboration between civil society and other political actors while mandating accountability, transparency, prosperity, and a drive towards civil responsibility, serving to catalyze Senegal’s economy while spurring socioeconomic growth.
Intended to facilitate the full budgeting of tax and non-tax revenues derived from the hydrocarbon industry, the act provides the prohibition of an early transfer of hydrocarbon resources, the creation of a stabilization fund, and the creation of an intergenerational fund. This incredulous foresight to propel future generations towards economic prosperity complements the African Energy Chamber’s principles regarding the prioritization of energy development in order to alleviate energy poverty.
“The African Energy Chamber commends the President for taking part in this important and landmark initiative to facilitate a collaboration between civil society members and industry leaders, which is sure to benefit the well-being of all Senegalese people,” stated NJ Ayuk Executive Chairman of the African Energy Chamber, adding, “This is a historic conversation, which, with regards to how it takes the people into consideration, is something totally unique, something that we have not seen before, and something that can work.”
With the landmark Sangomar oil field and Grand Tortue Ahmeyim gas field both expected to achieve first production in 2023, oil and gas is expected, not only to meet national demand, but to ensure the financing of future projects and investments in Senegal, thus propelling economic growth and positioning the country as a global industry leader. To this end, the President, H.E. Macky Sall, has demonstrated his dedication to the people of Senegal, showing that, with the right kind of leadership, forward thinking, and strong collaborative reform, there is a future for oil and gas in Africa, a future where citizens and their rights over their own natural resources are recognized.
“I remain convinced that the promotion of a participatory, multi-institutional, and collaborative approach is imperative for capable governance and guaranteeing sustainable prosperity,” stated H.E. President Macky Sall.