DAKAR - The number of barrels of oil per day expected to be produced by Senegal’s first offshore project, after Australian firm Woodside Energy begins extracting the fossil fuel from the Sangomar field. The company announced on Tuesday that it would be operating at the facility.

The site, located about 100 kilometers south of the capital Dakar, has a storage capacity of 1.3 million barrels.

The oil will supply the domestic market and be exported to Europe and Asia. The government hopes the project will generate billions of dollars to boost Senegal’s economy.

President Bassirou Diomaye Faye, who in April said his government would conduct an audit of the oil, gas, and mining sectors, said profits will be “well managed” as the West African state started producing oil for the first time.

Australian energy giant Woodside described the extraction as a “historic day” and a "key milestone" for the company and the nation.

The Sangomar deep-water project, which also has gas, aims to produce 100,000 barrels of oil per day.

It is expected to generate billions of dollars for Senegal and boost its economy.