In a recent development, Oil & Gas firms Bp and Total are set to explore untapped oil and gas fields in Senegal.
Senegal has negotiated a contract deal with the oil firms to develop its oil and gas fields off the Senegal’s Atlantic coast, to help boost its economy.
To facilitate this contract, the World Bank has promised to provide the Senegalese government with $29 million for the implementation of the oil and gas contract with the producer in clear terms.
This decision is based on the former contract deals which many citizens claim lacked transparency. Although the said amount of money which the WB has promised the Senegalese government does not have a clearly defined purpose on what it would be used for, the Bank stressed the importance to aid the government to oversee the oil and gas development project negotiation in perfect transparency.
“Enhancing the governance of the extractive sector, strengthening the regulation and fiscal framework and promoting greater accountability between government and citizens will be essential to ensure everyone benefits from natural endowment” World Bank country director for Senegal noted.