Senegal Strikes Oil with 'Historic' First Extraction

Senegal joins the oil-producing countries as Woodside Energy, an Australian company, has announced the start of production at its first offshore project in the country.

After a few years of delay, this significant event has been described by Woodside as a "historic day" and a "key milestone" for both the company and Senegal. The deepwater project aims to produce 100,000 barrels of oil per day. The field also contains natural gas.

The discovery of oil and gas fields in 2014 raised great hopes for the economy of Senegal. Senegal's state-owned energy company Petrosen estimates the sector could generate more than $1 billion per year over the next three decades. President Faye has assured that the profits from the sale of oil and gas will be "well managed" as Senegal embarks on this new era of oil production.

This article originally appeared on AllAfrica

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