You may wonder what is the source of this proclaimed wealth. As a Gambian Citizen from the borders to the end of the Offshore Rights all belongs to you.
AGAIN, FOR NON-BELIEVERS, SOME BACKGROUND AND FOREGROUND
“We may be small in size but we are big in petroleum potential,” said Njie as he promised investors the possibility of 30-year license agreements, a six-year exploration period and no payroll tax prior to development and production. The Gambian government would ask for a signature bonus, annual rental fees, a 10%-25% royalty and 10% government participation in the concession. The Gambian government exploration licenses offered are for six offshore blocks in an 8,000-kilometre area. The bidding round will close April 30. The process marks the end of a long effort of preparation by the Gambian government, which passed petroleum-related legislation this year. The government has also collected 3D seismic data off a 500 square-kilometer area in cooperation with a London-based company, Western GECO.
Gambia: The Aptian-Albian Shelf
The Block A2-A5 area lies immediately to the south and along structural trend with the recent discoveries in neighboring Senegal. The Jurassic to Aptian carbonates are overlain by a series of Albian sequences displaying large-scale clinoforms. These occur as a number of discrete stacked systems, each prograding from east toward the west. The clinoforms can be seen to be laterally extensive across the area, providing the potential for reservoir sandstones across the shelf. As well as providing reservoir sands into a number of structural play types, the evolution of the delta-to-slope systems provides possible stratigraphic components to plays within shelfal distributary systems, shelf edge clinoforms and more basin-ward down dip sand-bodies.
Blocks A2 and A5 are adjacent and on trend with FAR’s 2014 SNE-1 oil field discovery, which was the industry’s largest offshore oil discovery that year, says Erin Energy. Since the drilling of the SNE-1 well, FAR has drilled five successful appraisal wells on the SNE field and increased the field’s best-case 2C contingent recoverable oil resource to 641 MMbbl on a 100 per cent basis, according to FAR internal estimates.
In 2017, Erin Energy and FAR plan to undertake reprocessing and interpretation of 3D seismic data recently acquired by Erin Energy to further mature identified prospects on Blocks A2 and A5. Erin Energy acquired 1504sq km of modern 3-D seismic data and has identified prospects on the blocks, which are similar to the “shelf edge” play FAR is targeting in its offshore Senegal blocks.
“This partnership will allow us to keep a significant stake in these highly-prospective blocks with no additional capital investment required through the first exploration well, while also strengthening the balance sheet and allowing us the ability to consider additional growth opportunities. This farm out highlights our strategy of maximizing our exploration breadth while minimizing exploration risk,” says Jean-Michel Malek, Erin Energy interim CEO.
Promoting The Gambia: Oil and Gas Opportunity Event – 10th November 2017 – in London
The Government of The Gambia is inviting prospective investors “to an exclusive event” on its Oil and Gas Opportunities hosted by Berwin Leighton Paisner, a London law firm, in association with Amie Bensouda & Co. the Lead Counsel of the Commission of Inquiry into the illicit wealth of Yaya Jammeh. (Madam should make a disclosure before this trip regarding GNPC actual status; (With respect).
The Road Show promises a detailed update of the hydrocarbon investment opportunities. It also promises to provide “a road map to licensing the open blocks in the country in general and the anticipated selection process that will be implemented in the coming months to engage in the petroleum industry.”
The Gambian side will be led by Hon. Fafa Sanyang, Minister of Petroleum and Energy (More than qualified and well experienced for this Key Position. Let us hope he has the Intestinal Fortitude to do the Right Thing). .
WHAT WILL BECOME OF REVENUE THAT IT ENCOMPASSES – SIGNING BONUS – ANNUAL RENTAL FEES 10 TO 25% – AND 10% MINIMUM GOVERNMENT SHARE
One suggestion is being promoted and others should be considered as you now know or at least start to understand YOUR WEALTH.
“A Sovereign Wealth Fund modeled on the Norwegian prototype is worthy of consideration to ensure that Gambians yet unborn will benefit from the proceeds of revenue expected to be derived from an estimated 2 – 3 billion barrels that is within our boundaries”. Quote: Sidi Sanneh
Most certainly, the Bakers Dozen are targeting these funds to further the Spending Spree! Thus far a Billion here and a Billion there. Reportedly signed: Ports $178 Million – China NAWEC $165 Million – Turkish NAWEC Estimated at minimum $700 Million and adding…
It is not humanly possible to spend oneself out of debt, as Donald Trump learned in New York as his banks put him into Involuntary Bankruptcy to reorganize his debts.
You may make a difference by adding your own action in support of checks and balance.
Harmony versus Discord – Checks and Balance
The Author – An Insider