Petrosen's distribution arm on the brink of bankruptcy
Senegal's national oil company is deep in the red as a result of its restructuring, with its trading and distribution branch reporting a significant deficit for the 2020 financial year.
The surprise prospective buyer of FAR's 15% stake in Sangomar, Remus Horizon, is led by oil sector veterans whose networks stretch as far as China, the UAE, the UK and the Netherlands but to date have no projects in their portfolio.
The decrees of application for the new law on local content, which have been long awaited by the Senegalese oil industry, are now ready. Their publication has been delayed, however, by a battle for control of local content between the presidency and the oil ministry.