Africa Oil & Power to Honor Senegal President as “Africa Oil Man of the Year”

June 28, 2019 - 08:42
Africa Oil & Power to Honor Senegal President as “Africa Oil Man of the Year”

  • Africa Oil & Power will present the awardto H.E. Macky Sall at its annual conference in Cape Town
  • H.E. Macky Sall is renowned for his effortsto revive Senegal's economy and create an attractive market for oil and gas
  • H.E. Macky Sall will provide a keynoteaddress at Africa Oil & Power 2019


CAPE TOWN, SOUTH AFRICA - EQS - June 24th,2019 - H.E. Macky Sall, President of the Republic of Senegal, will be bestowed with the prestigious "AfricaOil Man of the Year" award during the Africa Oil & Power conference, to behosted October 9-11, 2019 in Cape Town. The President will be presented theaward during the conference, during which he will also present the keynoteaddress.


Senegal is a global hotspot for oil and gasdiscoveries -- well-known as the place in Africa to make major oil and gasfinds, due in large part to a decades-long campaign by Sall to improve transparency,create an attractive investment environment and spark new growth.


"As African countries across the continentaim to spur growth and diversify economically, Senegal is a prime example of acountry making energy work -- creating an enabling environment for business tosucceed, attracting huge international investments, while providing for astrong local capacity and downstream investment options," said Guillaume Doane,CEO of Africa Oil & Power. " H.E. Macky Sall is one of Africa's topleaders, not just in oil and gas, but as an advocate for overall economicsuccess. We are honored to present him this award."


Sall first worked as the CEO of Petrosen from2000 -- 2001, before becoming the country's Minister of Mines Energy andHydraulics in 2001. After a long political career in Senegal, Sall was electedpresident of Senegal in 2012, and pushed through a series of reforms to reviveSenegal's economy and attract international investors.


"In a continent where border disputes haveheld back the development of offshore resources, President Macky Sall insistson a more productive outcome. He worked with his counterpart of Mauritania,H.E. Mohamed Ould Abdel Aziz, to secure an agreement to jointly developoffshore resources for the mutual benefit of both countries" said Jude Kearney,former Deputy Assistant Secretary for Service Industries and Finance at theU.S. Department of Commerce during the Clinton Administration and currentlyPresident of Kearney Africa Advisors.


This form of agreement represents the bestpractice for the development of cross-border resources, and in this particularcase is based on the landmark Frigg Agreement of 1976 between the UK andNorway. That case showed that when leaders work together resources can bedeveloped peacefully to benefit the people of both nations.


"The agreement between Mauritania and Senegalpaved the way for the development of the Tortue field through cross-borderunitisation, with a 50%-50% initial split of costs, production, and revenue, aswell as a mechanism for future equity redeterminations based on fieldperformance. It takes leadership, vision and foresight to get this done".Continued Kearney.

Today, Senegal has one of the fastest growingeconomies in the world, and is the fastest growing economy in West Africa. Sallhas closely guided the development two multi-billion dollar oil projects offthe coast of Senegal -- the world-class SNE oilfield and the Greater Tortue/Ahmeyim gas project. TheGreater Tortue project reached FID in December of 2018, and has already awardedseveral initial contracts, including the EPCIC contract for the development ofthe needed FPSO to Technip for an estimated $500 million to $1billion. The SNEoilfield is expected to reach FID this year. Both projects are scheduled tostart producing export revenues in the early 2020s.


To ensure the country's new oil revenue will directly benefitthe country, Sall advocated for a new hydrocarbons code, which was approved bythe national assembly this year, and he also created the agency Cos-Petrogaz tooversee the oil and gas sector and issue licenses. Other reforms aimed atpromoting transparency included limiting the presidential terms from sevenyears to five years, to be renewed once, and launching the Emerging SenegalPlan in 2014, which provides detailed planning for Senegal's continued social andeconomic development.


The fourth annual Africa Oil & Power, to be held fromOct. 9-11 in Cape Town, has a theme of "Make Energy Work" that will focus onhow oil, gas and power can generate greater opportunities for the people ofAfrican nations and stimulate sustainable economic growth.

Africa Oil & Power industry leaders will celebrateSall's notable achievements and spark conversations on Making Energy Workthroughout the continent.

The last recipient of this award was OPEC Secretary General,H.E Mohammed Sanusi Barkindo . H.E. Barkindo guided OPEC through one of its most turbulent periods,with a sustained oil price decline and a loss in global market share. He iscredited with restoring market stability on a global scale through the landmarkdeal between OPEC and non-OPEC members to cut oil production.

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