Francis Perrin, an oil expert at the French Institute of International and Strategic Relations, said that Senegal must cultivate its own engineers and technical workers, establish companies that can independently develop and sell oil, and cannot rely too much on foreign technology. At the same time, the contradiction between resources and environment has gradually become apparent. As oil and gas resources are exploited, fishermen in these areas will be forced to fish farther out to sea. In some coastal areas, as oil and gas extraction work has begun, conflicts have arisen between communities and oil extraction companies, with each community trying to protect their fishing waters. Fishermen in St.
Louis denounced relevant companies for failing to fulfill their promises to rebuild artificial reefs, and called on the Senegalese government to take action to ensure the survival of the local fishery. Renegotiation of international contracts for greater benefits As an emerging oil producer, Senegal hopes to ensure greater benefits for the country by renegotiating oil and mining contracts. In accordance with his campaign promises, President Faye, who took office in April, has established a special committee to review oil and gas agreements signed by the previous government and foreign companies to ensure that more benefits benefit the people. "We will renegotiate the contract and commit to investing oil revenue in other industries to avoid the 'oil curse' from happening in Senegal." President Faye emphasized. However, renegotiating these contracts will not be easy. Benjamin Auger, an economic analyst at the French Institute of International Relations, pointed out that although future negotiations may lead to better terms, re-examining signed contracts is complicated and can easily trigger international arbitration, and investment arbitration usually favors the company. Gabon Muiri, managing partner of 3M-Partners & Conseils, a Gabonese audit firm, said that Senegal, as a sovereign country, has the right to safeguard its own interests, but it should fully assess the possible changes in the business environment. Foreign companies may make concessions due to the new conditions, but they may also withdraw their capital, affecting future investment enthusiasm.
