Background Information:
The Ministry of Petroleum & Mineral Resources is
responsible for petroleum exploration, development and
production of crude oil in The Gambia. There exists
a number of petroleum exploration and overseas foreign
investment opportunities in Gambia's offshore oil reserves.
One of the departments main objectives is to promote
the participation of local business people, ordinary
Gambians and companies in the upstream investment opportunities
and and capital joint ventures to ensure that The Gambia
obtains the maximum achievable benefits from its crude
oil resources.
The ministry further aims to promote increased production
and exploration activities in the onshore frontier areas
by providing globally competitive incentives for foreign
investors.
• One offshore well (Jammah 1) and
two onshore oil wells;
• Offshore 2D reflection
seismology survey data 118 lines, 4,883 sq. km;
• Offshore 3D seismic data 502 sq. km;
• Geological and geophysical reports on all programmes
available;
• Onshore 2D data 330 km.
Licence Conditions:
• Six year oil exploration period
(negotiable);
• 30 year license term, can be
extended by another 10 years;
• Licensing available
through exclusive negotiations;
• Import duty
exemption on exploration equipment;
• Zero
payroll tax prior to the start of the initial development
and production phase;
• Flexible terms and
conditions;
• Oil drilling licences can be
awarded on a 100% basis and joint oil ventures permitted;
• Gambia National Petroleum Company gets 10% government
involvement;
• Work commitment provided by
company and negotiable but more seismic particularly
3D and drilling are encouraged. |
