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Will oil & gas profits be 'well managed' in Senegal?

Senegal's President Bassirou Diomaye Faye has said profits from the sale of oil and gas will be ¡°well managed¡± as the West African state started producing oil for the first time. Australian energy giant Woodside described the extraction as a ¡°historic day¡± and a "key milestone" for the company and the nation.

Who owns Senegal's oil & gas field?

The field also contains natural gas. Woodside has an 82-percent stake in the deepwater project with the remainder held by Senegal's state-owned energy company Petrosen. The discovery of oil and gas fields in 2014 raised great hopes for the economy of Senegal, among the 25 least developed countries in the world.

Should Senegal renegotiate oil and gas contracts?

Senegal¡¯s move to renegotiate oil and gas contracts has been seen by some analysts as making investors jittery, but government supporters say it is vital for the West African state to increase its stake in projects so that the nation benefits from its natural resources.

Will Senegal produce liquefied natural gas in 3rd quarter?

Senegal also has a liquefied natural gas project at its border with Mauritania and production there could begin in the third quarter. The Greater Tortue Ahmeyim LNG project -- which involves British energy giant BP, US firm Kosmos Energy, Mauritanian oil and gas company SHM and Petrosen -- aims to produce around 2.5 million tonnes of LNG per year.