President Faye has committed to renegotiating the terms of contracts with foreign operators in the country if deemed necessary.

Reuters reported that Senegal has established a commission comprising legal, tax, and energy sector experts to conduct a thorough review of its oil and gas contracts with the aim of rebalancing them in the national interest, according to Prime Minister Ousmane Sonko.

Following his landslide victory over the ruling coalition candidate in March, President Bassirou Diomaye Faye initiated an audit of the oil, gas, and mining sectors upon assuming office. He pledged to renegotiate contracts with foreign operators as necessary but has not yet provided specifics regarding the audit's findings or plans for renegotiation.

Speaking on Monday, Sonko reaffirmed their commitment to the Senegalese people, stating, "We will revisit these various agreements, re-evaluate them, and work towards rebalancing them in the national interest." The commission, equipped with adequate resources, will scrutinize the contracts and may enlist foreign experts. However, Sonko did not specify the timeline for the review.

This move follows closely on the heels of Senegal's emergence as an oil-producing nation. Woodside Energy of Australia announced in June that the Sangomar oil and gas field had commenced production. Gas production is also anticipated to begin later this year at the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project, operated by BP.