Reforms are being enacted throughout Senegal’s economy. Photo by Maksim Konstantinov /SOPA Images / LightRocket via Getty Images.

Senegal has reportedly set up a commission to investigate various oil and gas contracts the country has signed with multinational corporations.

Prime Minister Ousmane Sonko said this week that a team of legal, tax and energy sector experts will work to make sure all aspects of the contract are fully examined.

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According to local media reports, Sonko refuted claims that he was planning nationalisation of the oil and gas industries.

However, he did state that the government could rebalance energy contracts to ensure they are working in the national interest.The west African nation became an oil producer producer in June, when Australia’s Woodside Energy extracted its first oil from the Sangomar offshore oil field.

The Sangomar Field Development Phase 1 is a deepwater project featuring the Léopold Sédar Senghor FPSO with a capacity of 100,000bpd. The FPSO, named in honour of Senegal’s first president, is anchored around 100km from the Senegalese coastline.

At the time of the discovery, Woodside CEO Meg O’Neill, said: “This is an historic day for Senegal and for Woodside. The Sangomar project is expected to generate shareholder value within the terms of the production sharing contract.”

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GlobalData, Offshore Technology’s parent company, suggests that the Sangomar Phase 1 conventional oil development project will reach peak production in 2026, with operations projected to last until the field hits its economic limit in 2050.

Since President Basirou Diomaye Faye’s government was voted in earlier in the year, it has looked to make major economic reforms in the country, with audits of key industrial sectors. Faye wants Senegalese citizens to be charged fair prices for necessity goods.