The Republic of The Gambia, on Monday, launched a new bidding round for offshore Block A1 at the ongoing Africa Oil Week in Dubai, UAE.

Interested bidders have four months to submit their offers to The Gambia’s Ministry of Petroleum and Energy.

The licence will be for a maximum of 30 years, divided into three exploration periods.

In April 2019,  the West African nation signed an agreement with BP for the development of Block A1.

BP, consequently, acquired 2D and 3D seismic data in the licence.

However, BP exited due to changes in the company’s corporate strategy.

Speaking to the gathering at the Africa Oil Week, The Gambian Minister for Petroleum and Energy, Fafa Sanyang said: “Our key objective in designing the licensing round is to ensure an attractive fiscal regime with low entry conditions for bidders as well as procurement process and participation rules.”

He said his country, fully aware of the impact of energy transition which is confronting the oil and gas market, is willing to enter into a successful partnership for the development of the Gambian petroleum sector.

Mr Sanyang called on oil and gas investors to opt for The Gambia for good returns on their investment.

Deputy Commissioner of Petroleum at The Gambia’s Ministry of Petroleum and Energy,  Kanni Touray said it remained the intention of the Ministry to encourage investments into the development of block A1.

Source: https://energynewsafrica.com