Senegal considers arbitration against BP and Woodside over oil contracts

Economy

Dakar is prepared to take drastic measures to renegotiate oil contracts with multinational giants BP and Woodside Energy, as revealed by Khadim Bamba Diagne, Permanent Secretary of Senegal’s Strategic Orientation Committee for Petroleum and Gas (COS-Pétrogaz). Speaking at the Africa CEO Forum, he emphasized that no option is off the table—including international arbitration—to ensure fairer terms for Senegal’s resources.

Why is Dakar pushing for contract renegotiation?

Diagne justified the firm stance by stressing the urgency of correcting contractual terms early. With oil companies operating in Senegal for 30 to 50 years, he warned that delays in addressing imbalances could lock the country into unfavorable conditions for decades.