Petroleum Africa
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Tuesday, December 6, 2016
A committee to prepare and submit plans on how to optimize the revenues derived from eventual production of resources discovered offshore Senegal has been formed. The Strategic Oil and Gas Committee will submit a bill to Senegal’s president, Macky Sall.
The purpose of this bill is to plan the use of future resources, with a distribution key between what will go to the investment budget and the share reserved for future generations, which will be housed in the sovereign investment fund.
The fund will have to report annually to the National Assembly on the resources made available to it and above all, the expected results. In addition, the committee will oversee the various legal agreements and contracts between Senegal and partners on financing, realization of oil projects,and marketing of production.
To ensure transparency President Sall announced that information about the contracts and what they generate will be regularly published.
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