€50 Million has been Allocated to Senegal by the Africa Finance Corporation – the Landmass steering Infrastructure Solutions Provide

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The AFC has published that it is partnering with the Administration of Senegal to sponsor the development of the landmark Sangomar oil field.

€50 million in the oil field in a bid to boost Senegal’s emerging oil & gas industry and enhance energy access and security in Senegal, a press release stated. Located 100 kilometers South-West of the capital Dakar, the Sangomar oil field spans 7,490 square kilometers and is rated to hold around 500 million barrels of crude oil.

The Corporation’s enterprise in the Sangomar oil field will be utilized to navigate the first phase of growth towards attaining first oil, a key milestone in the advancement of the nation’s hydrocarbons sector.

The facility will provide a significant boost to Senegal’s economy, assisting the nation’s intentions to evolve a regional crossroad for the oil & gas industry. It will similarly produce substantial earnings for the government through taxes and royalties, generate job chances for local workers and contribute to energy security by lessening dependency on imported oil and gas. “We are pleased to support the development of the Sangomar field which we expect to have a transformative impact on the Republic of Senegal” told Samaila Zubairu – President & CEO of the Africa Finance Corporation.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent