Mr. Nani Juwara, the Minister of Petroleum, Energy, and Mines, announced on ‘Mansa Kunda’ that no commercially viable oil has been found in The Gambia despite extensive exploration by global oil companies. Drilling costs are high, making it feasible only for large corporations.
The government supports exploration, having engaged with the African Development Bank and established a model license agreement. Since 2017, significant seismic data has been collected, and five wells have been drilled, with increased drilling activity since 2018.
Licenses have been granted to FAR/Petronas and British Petroleum (BP), but FAR and Petronas withdrew after unsuccessful efforts in 2018 and 2021. The total revenue from three license holders is about $70 million.
The Ministry is in talks with other companies for additional oil block licenses. President Barrow emphasized the need for further drilling, stating that geological factors are not hindrances, while international law governs the sharing of resources, particularly for offshore resources.
