Senegal President emerges “Africa Oil Man of the Year”

The prestigious award will be presented to President Macky Sall during the fourth annual - Africa Oil & Power conference, to be hosted in October 9 -11, 2019, in Cape Town, South Africa.

0
503 views
President Macky SALL, President of the Republic of Senegal [source: presidence.sn]

Senegal President, H.E. Macky Sall has emerged the “Africa Oil Man of the Year” for his decade-long campaign to improve transparency, create an investment-friendly environment and spark new growth.

The prestigious award will be presented to the President during the fourth annual – Africa Oil & Power conference, to be hosted in October 9 -11, 2019, in Cape Town, South Africa where he will also give keynote speech.

As a global hot spot for oil and gas discoveries, Senegal is well-known for major oil and gas discoveries in Africa, a factor attributed – in large part to – President Sall’s campaigns focused on Senegal’s economic success.

Africa Oil & Power CEO, Guillaume Doane, said Senegal was a great example of a country making energy work by creating an enabling environment for business, attracting massive international investments, while providing for a strong local capacity and downstream investment options.

“H.E. Macky Sall is one of Africa’s top leaders, not just in oil and gas, but as an advocate for overall economic success. We are honored to present him this award,” he said.

Jude Kearney – President of Kearney Africa Advisors and former U.S. Department of Commerce official acknowledged President Macky Sall’s effort to secure an agreement with Mauritania to jointly develop offshore resources for the mutual benefit of both countries.

ALSO READ: South Africa, South Sudan sign oil exploration deal

“The agreement between Mauritania and Senegal paved the way for the development of the Tortue field through cross-border unitization, with a 50%-50% initial split of costs, production, and revenue, as well as a mechanism for future equity redeterminations based on field performance. It takes leadership, vision and foresight to get this done”. said Kearney

Today, Senegal is the fastest growing economy in West Africa.

The development of two multi-billion-dollar oil projects off the coast of Senegal — the world-class SNE oilfield and the Greater Tortue/Ahmeyim gas project, have closely been guided by President Sall.

The Greater Tortue project reached Final Investment Decision (FID) in December 2018, and has already awarded several initial contracts, including the EPCIC contract for the development of the needed FPSO to Technip for an estimated US$500 million to US$1 billion. The SNE oilfield is expected to reach FID this year. Both projects are scheduled to start producing export revenues in the early 2020s.

Sall has created measures to ensure the country’s new oil revenue will directly benefit the country and has advocated for other reforms aimed at promoting transparency included limiting the presidential terms from seven years to five years, and launching the Emerging Senegal Plan in 2014.

Themed: “Make Energy Work” – the fourth annual Africa Oil & Power will focus on how oil, gas and power can generate greater opportunities for the people of African nations and stimulate sustainable economic growth. Africa Industry leaders will celebrate Sall’s notable achievements and hold conversations on Making Energy Work throughout the continent.

The previous award winner was OPEC Secretary General, H.E Mohammed Sanusi Barkindo who guided OPEC through one of its most turbulent periods, with a sustained oil price decline and a loss in global market share. He is credited with restoring market stability on a global scale through the landmark deal between OPEC and non-OPEC members to cut oil production.