Petroleum Minister – “Gambia Is Yet To Be An Oil Producing Country”
The minster of petroleum and energy Mr Fafa Sanyang, on Thursday 8th October 2020 clarified that The Gambia is not yet an oil producing company, despite the fact that the country has a significant prospect in-terms of oil and gas.
Mr Sanyang was speaking on Thursday during a ministerial group as part of the event, marking African oil week. The four-day event provides pioneering insights from ministerial groups, strategic viewpoint (outlook) and meeting (session) designed to drive investment into the African upstream.
Honorable Minister Sanyang addressed that The Gambia is strategically located in the center of Mauritania, Senegal, Gambia, Bissau, and Conakry (MSGBC) basin. Adding that (MSGBC), is one of the largest sedimentary Basins in Africa right now as we speak which was formed as a result of rafting and subsidence associated with the break-up of the North-American and super African continent.
“In terms of possible resources, many now describes MSGBC as one of the balmiest spots in the world of oil and gas exploration, as the success rate of augering in the Basins since 2014 has been remarkable” said the minister.
The minister further went on to highlight the importance of the discoveries made in Mauritania and Senegal Basin, which he said, is already in the world oil map, due to their close proximity to areas where discoveries have been made between Senegal and Mauritania.
The exploration blocks in The Gambia, he said, have striving similarities in their geological settings, he added, means of any exploration augering in The Gambia is significantly derived.
“The Gambia has six offshore blocks (A1 to A6), two onshore blocks and ultra deep area, the ultra deep area is yet to be demarcated. However, there are plans to conduct this demarcation in the near future”. The Minster said.
The Honorable Minister Sanyang also implied that The Gambia emerging petroleum industry has reached a critical and existing phase in its development. As a result, the energy Minister added that the ministries in support of the African Development Bank through the African legal support facility(ALSF) have embarked on renewing the petroleum laws and regulations with a view of attracting foreign direct investment in the sector without compromising national interest.
