DAKAR, Mar 13 – Senegal has launched a broad review of several major natural resource agreements as the government seeks to renegotiate contracts and strengthen public finances.
Prime Minister Ousmane Sonko said a government assessment found that a gas contract linked to the Greater Tortue Ahmeyim Project, operated by BP, was “one sided and unfair.”
The offshore development, which is jointly shared by Senegal and Mauritania, is expected to play a central role in the growth of Senegal’s emerging gas sector.
In a televised address, Sonko said the government will publish a detailed report outlining the findings of its review, which covers contracts across several sectors including gas, mining, fishing and infrastructure.
As part of the broader investigation, authorities have also frozen the accounts of a subsidiary of Indorama Corporation. The government says the company owes the state approximately €380 million, or about $438 million.
The move forms part of a wider policy effort by the administration that came into office in 2024 to audit and potentially renegotiate key natural resource agreements.
At the same time, Senegal is grappling with growing fiscal pressures. According to the International Monetary Fund, the country’s public debt reached about 132% of gross domestic product by the end of 2024.
The IMF also suspended its lending programme with Senegal after a government audit revealed previously misreported debt data.
Separately, Sonko said negotiations aimed at nationalising the Yakaar-Teranga Gas Project are close to completion. The project is operated by Kosmos Energy, which holds a 90% stake and assumed operatorship in 2023 after BP withdrew from the development.
Kosmos has previously stated that its licence for the field runs until July.
In addition to reviewing resource agreements, the government has also announced plans to shut down 19 state agencies as part of efforts to reduce public spending and restore fiscal stability.
