African Energy Chamber

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Nachricht vom 15.10.2019 | 16:15

African Energy Chamber: Oil Industry and Civil Society Congratulate 'Africa Oil Man of the Year' Macky Sall on Taking Bold Steps to Develop Senegal's Hydrocarbons Industry

DGAP-News: African Energy Chamber / Key word(s): Miscellaneous

15.10.2019 / 16:15
The issuer is solely responsible for the content of this announcement.


Oil Industry and Civil Society Congratulate "Africa Oil Man of the Year" Macky Sall on Taking Bold Steps to Develop Senegal's Hydrocarbons Industry

Johannesburg, 15 October 2019: The African and global energy sector is rallying behind Macky Sall's efforts to develop his country's oil & gas industry, which are positioning Senegal as a new energy hub in Africa. Such efforts and achievements are being celebrated this week as the President of Senegal receives the Africa Oil Man of the Year from Africa Oil & Power.

The award is a recognition of Macky Sall's work and the efforts of his government to boost the development of Senegal's economy, create an enabling environment for investors and ensure that future oil & gas extracted from Senegal generate jobs and growth opportunities for Senegalese companies.

"Under President Macky Sall, Senegal continues to show its commitment to transparency, to engaging with those who disagree with him, to finding consensus on extractive industry matters, and to taking all necessary actions to avoid the natural resources curse," said Akere Muna, former Vice President of Transparency International and former Chairman of the International Anti-Corruption Conference Council. "The Senegalese people understand what is at stake with these resources coming out of the ground and their President is showing a definite engagement to ensure a transparent distribution of revenues and resources for the benefits of the Senegalese economy and its citizens. The President should use this award to make Senegal a place where Africans can be proud of the natural resource sector," added Muna.

"As Senegal gets closer to producing first gas and increase its production of oil, we congratulate its President Macky Sall and its government on adding yet another African nation to the list of global hydrocarbons producers," added Mahaman Laouan Gaya, Secretary General of the African Petroleum Producers' Organisation (APPO). "African producers stand ready to cooperate with Senegal to support its economic development, and we truly look forward to following the country on its renewed journey to prosperity."

Soon after discovering oil and gas in 2014 and 2016, Senegal engaged in a nation-wide dialogue with the private sector, foreign investors and the civil society on the next steps to develop the industry. This resulted in the creation of new entities such as the Strategic Orientation Committee for Petroleum and Gas (COS-Petrogaz) but also in a brand new Petroleum Code in 2019 and new local content regulations to ensure the creation of local jobs and the procurement of local goods and services from the industry. As a result, foreign investments increased and several international majors, national oil companies and independents entered the market.

"What Senegal and its President Macky Sall have proven is that the power of political will and leadership cannot be underestimated in this industry," said Prince Arthur Eze, Chairman of Atlas Oranto Petroleum, currently exploring in Senegal. "Sound regulations, good governance and a political leadership aligned towards a common target of economic development and of making energy work for the people is what is making Senegal a new African success story, I salute the President and the people of Senegal, the entire Africa is praying for you" he added.

Senegal is notably making headlines for fast-tracking the development of its industry and not loosing time on getting resources out of the ground. The industry is notably saluting the country's authorities for the short time it took between the first discoveries of oil and gas in Senegal and the taking of relevant final investment decisions, which is remarkable for industry standards. As a result, Senegal is set to become a global gas exporter in the near future alongside African countries like those of the Gas Exporting Countries Forum, including Algeria, Egypt, Angola, Mozambique, Tanzania Equatorial Guinea, Libya, and Nigeria.

"This proves the willingness of the Senegalese government to develop these resources and the industry at large," declared Jude Kearney, former Deputy Assistant Secretary during the Clinton Administration and current President of Kearney Africa Advisors. "More importantly, doing so has not resulted in any detriment to good governance practices and developing a sound regulatory framework," added Kearney.

"Senegal's President Macky Sall has established strong relations with the world, including Germany, which will be very beneficial when it comes to attracting the right capital and technology to develop its energy sector," added Sebastian Wagner, CEO of the Germany Africa Business Forum (GABF).

The African Energy Chamber under the leadership our executive Chairman NJ Ayuk, joins the industry in congratulating President Macky Sall for taking the right steps to develop Senegal's oil & gas sector and make energy work for all Senegalese citizens. With its partners, the Chamber will continue to assist Senegal in promoting good governance, attracting investments and building domestic capacity across the value-chain.

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15.10.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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