Gambia’s President Adama Barrow has been briefed on petroleum exploration and production of licenses following the discovery of more oil and gas in neighboring Senegal.
Gambia last month revoked the licenses of African Petroleum and declined to go into talks with the Oslo-based company to continue the exploration of its offshore oil blocks.
Gambia’s Oil Minister, Fafa Sanyang said on Thursday he is seeking legal advice over the disagreement with African Petroleum concerning the status of the two offshore exploration licenses.
Australian explorer Far Ltd and Houston-based partner Erin Energy have mapped three potentially drillable targets off Gambia.
They will reprocess and interpret about 1504 kilometers of existing 3D seismic later this year before potentially drilling in late 2018.
The blocks potentially contain resources of more than 1 billion barrels of oil on an unrisked, best estimate basis spread across the prospects, according to Far.
Far with Erin Energy is the partner company that discovered gas and oil in Senegal last week, just north of the flagship SNE oil field.
The well was drilled in water depth of 900 meters, in the Sangomar Deep Offshore block some 90 kilometers offshore. It was drilled down to a total depth of 2,837 meters.
Work was now taking place to assess the commercial implications of the additional discovery. The discovery is described as being a slightly lighter oil type than had been found in other sections of SNE field.
Gambia’s economy is dependent on peanut exports, tourism and remittances from abroad to help strengthen its economy. It hopes that oil discovery with other minerals will pull the country out of poverty.