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09/11/21

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Post #: 57426908
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Originally posted by damnyank: ↑

OIL
08 Nov 2021 | 14:36 UTC
Gambia launches new bidding round for offshore block exited by BP

Gambia has launched a new bidding round for offshore Block A1, officials said Nov. 8, after BP exited the field this year and paid the government for suspending drilling at the license.

"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," Fafa Sanyang, the country's minister of energy and petroleum, said.
BP had signed an agreement on Block A1 with the ministry in April 2019, and had consequently acquired 2D and 3D seismic data in the license. But the company's commitment to drilling an exploration well remained pending, and the COVID-19 pandemic halted a majority of upstream work globally in 2020.
"In July 2020, BP informed the ministry that it would not be able to drill a well in the A1 Block due to a change in its corporate strategy towards low carbon energy," the ministry said in an Aug 12 statement.

Offshore exploration

The West African country hopes to increase offshore exploration as oil prices rebound.
Australia-based explorer FAR Limited is on track to resume drilling at its exploration block offshore The Gambia in the fourth quarter of this year after operations were adversely affected due to the coronavirus pandemic and the subsequent oil price crash.
FAR has contracted to use the Stena IceMAX drillship for the Bambo-1 exploration well, located in Block A2 offshore The Gambia. Three prospects have been identified in Bambo-1, with a total estimated recoverable, prospective resource of 1.118 billion barrels.
If successful, a discovery could result in a standalone development, according to FAR, and would result in The Gambia's first oil production.

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Gambia launches new bidding round for offshore block exited by BP

What's the chances that Cath and Co decide to bid for this acreage! After all, they have money burning a hole in their pockets!
FAR Price at posting: 86.3¢ Sentiment: Hold Disclosure: Held
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Gambia Drill, page-248

The market's shrugged at China's stimulus measures all year. Why is this one different?

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Gambia Drill, page-248

Top Stories

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Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Estrella first foreign entity to win tenements in Timor-Leste under new laws ahead of 2025 tenders

5.6g/t gold intercept at Serbia's Rogozna supports Strickland's hopes for high-grade core

Week 39 Wrap: What HotCopper’s watching; China’s new stimmy moves boost metals; Oz CPI drop

ACCC seeks Olam divestments before it can buy Namoi Cotton

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

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Sellers (Offers)

Featured News