Finally, some good news, despite the current slump! Yesterday, oil company Woodside, which has been awarded the Rufisque, Sangomar and Sangomar Deep offshore blocks, announced the release of the first barrel of oil from the Sangomar field. The field will initially pump 100,000 barrels a day, pending further developments. Yesterday, Woodside CEO Meg O’Neill welcomed the arrival of this « historic day for Senegal and for Woodside ». Mrs Meg O’Neill, welcomed the arrival of this « historic day for Senegal and for Woodside ». She even added that « the safe delivery of Senegal’s first offshore oil project, despite a period marked by unprecedented global challenges, demonstrates Woodside’s ability to execute world-class projects. We are proud of the relationships we have built with Petrosen, the State of Senegal and our key international and local subcontractors to develop this nationally important resource. »

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In a press release issued jointly with their partners, Petrosen’s management team congratulates itself: « The start of oil production at Sangomar marks a new era for the industry, our country’s economy and our people. It is the result of the commitment of the various teams who have worked relentlessly to meet the challenges and achieve our strategic objectives in a complex and demanding environment. We have never been so well positioned to seize so many opportunities for growth, innovation and success for the economic and social development of our country. »

Mr. Thierno Ly was quite right to be optimistic, but he was also perfectly aware of the expectations that hydrocarbons – oil and gas – bring to a country which, for more than 10 years, has had various political authorities nurturing dreams of El Dorado, or rather of seeing itself as the Dubai of West Africa. Each of the political players has sought to turn these hydrocarbons into an economic policy issue, and even a weapon to dislodge his opponents from power, or even to rise to personal prominence. At the same time, we’ve seen a profusion of canvassers of all stripes, knocking on every door in a bid to grab the crumbs that fall from the tables of investors and politicians likely to distract dividends.  

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Léopold Sédar Senghor, our first President, shared this quip with his French counterpart Valéry Giscard d’Estaing, concerning each of his compatriots: « We don’t have oil, but we have ideas. » That was in the 1970s. Today, unlike in France, the Senegalese have oil and gas as well as ideas. Let’s hope they give us some good ideas. That was in the 1970s. Today, unlike in France, the Senegalese have oil and gas as well as ideas. Let’s hope they give us some good ideas. The Arabs of Dubai, Kuwait and even Saudi Arabia have finally convinced us that there is no curse of oil, contrary to what the Africans of the Gulf of Guinea would have come to believe. And as long as there are new generations, there is no such thing as a foreclosed destiny. Being late for the banquet doesn’t mean that the table has already been cleared.

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Heckled by his opponents as soon as the discovery of these new riches from the depths of the sea was announced, former President Macky Sall made it a point of honour to provide the country with legislation that would protect oil and gas revenues from any attempt at predation, whether from home or abroad. The country was fortunate to have a leader whose background as an oil engineer prepared him particularly well for the coming exploitation of these new resources. Unfortunately, they are about to start falling at a time when the economic and political situation is deteriorating quite significantly.  At the very least, he will have better prepared his country for this good news from across the Atlantic. Will the current leaders have enough guts to resist the pressure of the street and try to loosen the purse strings of a stock market that is practically running on empty? Coincidentally, Woodside’s announcement comes just as an IMF mission is in Dakar. As we know, the last mission did not go to the satisfaction of the various parties. One of the disputes concerned oil revenues in the forthcoming budget. It’s safe to bet that Peytavin’s officials will no longer clash with their colleagues in Washington on this point.

NB: For technical reasons, the Notes will not be published in the following weeks.

By Mohamed GUEYE / mgueye@lequotidien.sn

  • Translation by Ndey T. SOSSEH / Serigne S. DIAGNE