THE NEW SENEGALESE LEADER WILL RENEGOTIATE OIL AND GAS CONTRACTS WITH BP, KOSMOS AND WOODSIDE.

The newly elected President of Senegal, Bassirou Diomaye Faye, plans to review contracts for oil and gas projects developed by bp Plc, Kosmos Energy Ltd. and Woodside Energy Group Ltd. in order to increase revenue for the State.

Faye's economic team also questioned the validity of a previous agreement transferring offshore fields to bp. "The blocks were awarded to someone with little experience in their exploitation," said Babo Amadou Ba, his political advisor.

economical. "They were transferred to BP and Kosmos without Senegal being able to use its first-buyer right." In 2012, Senegal's then-president Abdoulaye Wade signed a natural gas block contract with Petro-Timis, a company owned by Romanian-Australian businessman Frank Timis. Allegations that the brother of the outgoing president, Macky Sall, received payments for the company to maintain contracts under the new administration caused a stir in 2019. By then, Timis had already sold the Saint-Louis and Cayar concessions to bp, which It then paid $10 billion, according to a BBC report.

"Senegal has money, it has resources in its subsoil and this potential must benefit the Senegalese people," Demba said. "It is necessary that we change the contracts signed with those who exploit our oil and gas, looking at the clauses and to maximize the part

of the State".