Centurion Law Group and Africa Energy Chamber joins Senegal in...

Centurion Law Group and Africa Energy Chamber joins Senegal in ‘Invest in local capacity building’. Senegal tells global oil investors

on September 14, 2018

As Senegal expands its oil and gas exploration and development efforts, putting in place the right regulatory and governance frameworks will ensure the sustainability and social responsibility of its nascent hydrocarbons industry

DAKAR, Senegal, September 14, 2018/ — Senegal is determined to become the new frontrunner of Africa’s local content development. This is the conclusion of a local content forum held in Dakar on Thursday, organized by Les Conférences du Quotidien and hosted by the African Energy Chamber and Centurion.

“By being the latest entrant into Africa’s hydrocarbons history, Senegal has the opportunity to learn from the successes and failures of its neighbors,” explained NJ Ayuk, executive chairman of the African Energy Chamber and CEO of Centurion.

Senegal has assets and qualities to build on. It has lessons to draw from its neighbors and African peers, and very strong institutions that can increase the chances of avoiding inefficiencies and corruption witnessed in other African jurisdictions. It is also a very stable country, whose economy has posted robust growth rates for years, and currently led by a President who understands the industry and is a former head of the country’s national oil company

Senegal stands a great chance to be one of Africa’s best oil and gas economies.
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Clearly, in an effort to avoid self-destructing paths of some of its neighbours, Senegal is seeking guidance and remains receptive to advice from all sectors of industry. It is an awesome opportunity Senegal has been served up by FAR and its JV partners. Now, the aim is not to squander this opportunity and to avoid succumbing to greed. Establishing regulatory mechanisms to ensure transparencey is key to ensure future and attract international investment. Be interesting to see how these ambitions relate to COP - WPL saga????

Have a great weekend,
MS