Senegal's Ministry of Energy clarifies Sangomar oil field revenue distribution
Senegal's Ministry of Energy and Petroleum has clarified the revenue generated from the Sangomar oil field, refuting public claims that the country receives only "25 francs out of 1,000,000 francs of oil sold." The ministry stated that this assertion is "manifestly erroneous" and stems from a "confusion between gross revenues from oil sales, project cost recovery, and the oil revenue sharing stipulated by the Exploration and Production Sharing Contract." Official figures for the first quarter of 2023 show that the Sangomar field produced 8,963,359 barrels, with a gross value of approximately $759.2 million. From this production, the Senegalese state directly received 437,839 barrels, valued at about $37.1 million. The ministry emphasized that this direct share does not represent the entirety of public revenues from the field's operation, as it does not include PETROSEN's economic share or the various taxes, duties, and other levies paid to the state.
