Faye used his speech to also reassure investors that they are welcome to invest in Senegal.
The newly elected leader, the youngest in the nation’s history, reflected high hopes for change in Senegal after he defeated Amadou Ba, the former ruling coalition’s candidate by a landslide in the March 24 elections.
The audit of the three sectors is one of Faye’s first policy moves since his inauguration on Tuesday.
"The exploitation of our natural resources, which according to the constitution belong to the people, will receive particular attention from my government," Faye said.
"I will proceed with the disclosure of the effective ownership of extractive companies (and) with an audit of the mining, oil, and gas sector," he added.
The 44-year-old former tax inspector said, "investor rights will always be protected, as well as the interests of the state and the people."
Senegal's first offshore oil development is due to start production in mid-2024. The Sangomar oil and gas project operated by Woodside Energy is expected to produce about 100,000 barrels per day.