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Policy & Regulation

BP deal probe casts cloud over Senegal

The investigation is unlikely to yield prosecutions but does raise questions over the country’s supposedly clean petroleum sector and could delay a planned licensing round The investigation is unlikely to yield prosecutions but does raise questions over the country’s supposedly clean petroleum sector and could delay a planned licensing round.
By Felix Janvrin 21 June 2019 Asia Pacific / Policy & Regulation 0 34332
Senegalese President Macky Sall at the Paris Peace Forum in November 2018. (PA)

One week on from the broadcast of an exposé by BBC Panorama on 3 June, Senegal’s prosecutor general opened a criminal investigation into the sale in 2017 of two offshore gas blocks by a firm owned by Romanian tycoon Frank Timis to BP. While the $250 million deal conformed to Senegal’s oil and gas procurement laws at the time, the BBC investigation disclosed that $9-12 billion in royalties will be paid to Timis’s company, PetroTim, from the blocks’ future production revenues.

PetroTim obtained the Cayar...