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The African Energy Chamber (EnergyChamber.org)
rejects the accusations made by the recent BBC Panorama program on Senegal and
believes this case is about a sinister rush to judgment, an obsession to taint
a reform-driven President and the oil industry at any cost and by any means,
and certainly without an understanding of the facts and how the oil industry
works.
It is important that in this rush to judgment, truth
and an understanding of the oil industry should be the number one priority
rather than overlooking and manufacturing evidence.
As per the Senegalese Petroleum Code, BP’s
acquisition of the blocks is well in line with the current tendering processes
applied in Senegal. Prior to its acquisition of the Cayar Profond and St Louis
Profond offshore concessions, BP conducted extensive and appropriate due
diligences to ascertain the ownership and operation of the block. This was the
same with Kosmos Energy.
Taking into consideration BP and Kosmos Energy’s
strong compliance practices and adherence to the U.S Foreign Corrupt Practices
Act and the U.K Anti-Bribery and Corruption Act, it is unthinkable that that either company would move ahead with the
deals if there were any implication of wrong doing in the award of the
licenses. Kosmos Energy conducted a very intensive due diligence, which it sent to the to the U.S Securities and Exchange Commission
for vetting and no wrongdoing was found.
Finally, all due processes were adhered to and the
initial award of the block was made prior to President Macky Sall being elected
President, and all investigations conducted by various Senegalese regulators
revealed that all transactions were above board.
“President
Macky Sall has been a reformer and pushed through market-driven
policies that have made the future of Senegal’s oil industry a bright one and
people-centered one,” stated NJ Ayuk, CEO of Centurion Law Group and Executive
Chairman of the African Energy Chamber.
“Senegal at this moment must not be deprived from
the millions of jobs that its oil sector will bring to the country. These
attacks are meant to slow investment into oil industry’s projects and
investment into Senegal,” added Ayuk.
The Senegalese people should not be fooled and we
need to move away from rhetoric to relevance, symbols to substance, populism
and charisma to character that provide pragmatic common-sense solutions to many
who expect more from Senegal’s ’s oil and gas sector. Senegal is lucky to have
leadership that have a clear vision with an understanding of the success and
mistakes of other African producers like Nigeria, Ghana, Equatorial Guinea,
Cameroon, Gabon, Angola and Congo among others.
The oil industry is about risk. People who take risk
need to be compensated. BP and Kosmos Energy are strong companies with great
plans for Senegal, and very good track records in doing business in Africa. It
is unfair for them to be demonized in this fashion when all the facts are not
reviewed.
Through their investments in the energy sector and
the reforms by President Macky Sall, oil and gas production over the next 10
years would inject billions of dollars into the Senegalese economy and support
more than 1 million jobs. In this regard, it is important that smart,
pro-growth policies continue to be implemented to ensure growth.
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