The Senegal government recently gave the greenlight for the project, which is expected to produce 231 million barrels (MMbbl) of oil resources in its initial phase of development and strike first oil in the next three years.
Two major oil fields in southwest Libya began shutting down on Jan. 19 after forces loyal to Khalifa Haftar closed a pipeline, potentially cutting national output to a fraction of its normal level.
Angola, Africa's second-biggest oil exporter, is working to reform its oil industry and broader economy to arrest a drop in production that has heaped pain on the economy.
OPEC expects lower demand for its crude oil in 2020 as rival producers grab market share and the U.S. looks set for another output record.
Equatorial Guinea, a member of OPEC, currently produces 120,000 bbl/d.
The project is estimated to target 231 million barrels of oil resources in its initial phase of development.
The new law will establish revenue sharing between the central government and states and will provide a legal framework for an industry the country hopes will bring jobs after decades of conflict.