Senegal has amended its petroleum code in a bid to boost its promising energy sector.
In the newly approved code by the Senegalese National Assembly, 34 of the 75 articles were “reformed for a better understanding and a greater precision, according to a statement released by its ministry.
The code was first drafted in 1998 when the company has not fully gone into exploration. The amendment is therefore necessary as the African country has emerged as an exploration hot spot due to recent offshore discoveries.
Petroleum and Energy Minister Mansour Elimane Kane said the code will make the country’s petroleum sector more attractive to investors and will also help in “safeguarding national interests in the oil chain.
Senegal has also finalized plans to venture into other key offshore projects.
Among the plans is its final investment decision for the Greater Tortue Ahmeyim floating LNG project was taken by BP and its partners, designed in its first phase to export 2.5 million mt/year of LNG from an offshore area straddling the border between Mauritania and Senegal in West Africa.