INSUBCONTINENT EXCLUSIVE:
The project represents a $5 billion investment and aims to produce 100,000 barrels per day throughout 2025
Total annual production is projected at 30.53 million barrels.This achievement follows an impressive performance in 2024
(Photo Internet reproduction)The operation relies on advanced infrastructure, including the Leopold Sedar Senghor floating production
storage and offloading (FPSO) vessel, which can store up to 1.3 million barrels of crude oil at a time.Economic Impacts and Challenges
Oil revenues are expected to exceed $1 billion annually for the next three decades
This will provide critical funds for infrastructure development and public services.The government has also established mechanisms like an
intergenerational fund to ensure long-term economic stability and equitable distribution of oil wealth
Despite these successes, challenges remain.President Bassirou Diomaye Faye has prioritized transparency in managing oil revenues and
announced audits of existing contracts to ensure fair terms for Senegal
Environmental concerns also loom as the nation seeks to balance economic growth with sustainability.Compared to African oil giants like
Its medium-sulfur crude has found demand among refineries in Europe and Asia, enhancing its market position.Sangomar marks a transformative
However, it also raises questions about sustainable resource management and long-term development strategies.
