Charting the Course: The Gambia’s Surging Offshore Oil Exploration

Since 2014, The Gambia has witnessed the successful drilling of up to 11 wells, igniting a surge in industry interest in the country’s offshore opportunities.

Positioned in close proximity to the significant 230-million-barrel Sangomar discovery in neighboring Senegal, The Gambia boasts substantial prospectivity, with over 10,000 km2 of offshore acreage and preliminary resource estimates suggesting reserves of three billion barrels.

Currently, three companies are actively exploring offshore:

1. FAR – Blocks A2 and A5:
   FAR, an independent energy player, secured both a working interest and operatorship in Blocks A2 and A5 in 2017. The Gambian government recently extended FAR’s permit for these blocks until September 30, 2025, with reduced annual fixed costs. FAR is now seeking farm-in partners to finance geoscience reviews and exploration wells. Situated adjacent to the Sangomar Oil Field, Blocks A2 and A5 hold significant potential for major discoveries.
2. PetroNor – Block A4:
   Junior exploration company PetroNor E&P reinstated its license for Block A4 in 2020. The revised terms include an extended initial exploration period of three years. PetroNor holds a 90% ownership stake in the block, with the Gambian government retaining the remaining 10%. PetroNor continues its exploration efforts in Block A4 to unlock its untapped potential.
3. NNPC:
   In 2023, the Nigerian National Petroleum Corporation (NNPC) and the Gambian National Petroleum Corporation signed a Memorandum of Understanding (MoU) to explore and develop crude oil in The Gambia. The agreement encompasses geological studies, seismic data analysis, and potential drilling activities. Mele Kyari, NNPC’s Group Managing Director, underscored the MoU’s significance in strengthening bilateral relations and optimizing oil production locally and regionally.

As The Gambia’s offshore exploration activity gains momentum, these partnerships and initiatives signify a promising trajectory for the country’s oil and gas sector, paving the way for potential discoveries and economic growth.