Senegal has signed a memorandum of understanding with Italian energy giant ENI to evaluate five offshore blocks,the country’s energy minister announced on Tuesday.
Last week,Dakar said it would offer 109 oil and gas blocks to foreign and local investors as it looks to boost its energy sector and increase revenues.
ENI will pay for technical studies of the five blocks. Senegal’s national oil company Petrosen will play a key role in developing the country’s sedimentary basin.
President Bassirou Diomaye Faye has said he plans to use Senegal’s petroleum resources to create local leaders in the oil and gas sectors.
He’s also reviewing existing licences to ensure companies holding the blocks meet their commitments.
The discovery of oil and gas off the coast of Senegal in 2014 raised hopes that the industry could generate billions of dollars in revenue for the developing country and transform its economy.
