The Gambian Ministry of Petroleum and Energy has opened its doors to receive proposals for prospective investors for Block A1.
In November 2021, the country’s Minister for Petroleum and Energy Hon. Fafa Sanyang and some officials of the Ministry launched licensing round for its oil block during the Africa Oil Week in Dubai, UAE.
Last week the Ministry launched Request for Proposal (RFP) for the Block A1 and invited investors to send their proposals for consideration.
The Request for Proposal (RFP) is now available for download on the Ministry of Petroleum’s website https://www.mope.gm/news.
Granted initially to BP in 2019, Block A1 became available in August 2021 after the company exited the block. This was part of BP company’s strategy to pivot from producing resources to integrating energy. During its time as licensee, BP performed the required work obligations, including reprocessing 2D and 3D data, conducting geohazard, geology and geophysical studies, and progressed the block so that it is now drill ready. The 2D and 3D BP reprocessed data is available for licence from TGS, at extremely competitive rates (entry level purchase price 10,000 USD). Additional reports and other data in relation to the block will also be made available free of charge to bidders.
The deadline for submission of bids is June 6, 2022. Bidders will be required to submit bids electronically through a data room platform.
“We encourage all interested bidders to visit to the Ministry’s website, download the RFP and to register their interest with the Commission in accordance with the instructions in the RFP,” the Ministry said.
“Our key objective in designing the licensing round is to ensure an attractive fiscal regime with low entry conditions for bidders, transparent procurement process and participation rules, and clear technical and financial minimum qualification criteria. In accordance with best practice there will be one biddable term, which is further explained in RFP,” the Permanent Secretary at the Ministry of Petroleum and Energy, Lamin Camara, commented.
The Commissioner for Petroleum, Jerreh Barrow, said: “Our government team has the necessary experience and is well prepared to repeat the success of the 2018 licensing round, and to once more, start and finish the licensing round within the timeframe (February 2021 to June 2022) announced”.
“The Government wishes to seize this opportunity to thank BP for their strong collaboration during the past two years and their excellent technical work on the block. We are excited to open our doors again to the international oil community, and look forward to working with a new partner in Block A1” says the Honourable Fafa Sanyang, Minister of Petroleum and Energy, The Gambia.
Source: https://energynewsafrica.com