Since 2014, The Gambia has drilled up to 11 successful wells, piqueing industry interest in the nation’s offshore prospects. Because of its proximity to the 230 million barrel Sangomar discovery made in neighboring Senegal, the country boasts enormous prospectivity.

The Gambia’s potential is clear given its more than 10,000 km2 of offshore acreage and initial resource estimations of three billion barrels. Right now, three businesses are investigating offshore.

FAR: Blocks A2 and A5

In 2017, the independent energy company FAR obtained operatorship and a working stake in two potential offshore blocks, A2 and A5. The Gambia’s government extended FAR’s permit for the blocks in July 2023, with lower yearly fixed charges, until September 30, 2025. In order to support geoscience evaluations and exploratory wells, FAR is currently looking for farm-in partners.

Blocks A2 and A5, located off the coast of The Gambia, are in close proximity to Senegal’s 230 million barrel Sangomar Oil Field, which suggests that the block has the potential to be a significant discovery.

PetroNor, Block A4

In 2020, PetroNor E&P, a junior exploration firm, reactivated its Block A4 license in The Gambia. Under modified terms of the license, including an extended initial exploration period of three years, PetroNor is permitted to carry out further exploration. The government holds the remaining 10% of the block, with Petronor owning 90% of it. PetroNor is still working to advance exploration operations in the area as of 2024.

NNPC

The Nigerian National Petroleum Corporation (NNPC) and the state-owned Gambian National Petroleum Corporation signed an MoU to explore and develop crude oil in The Gambia in 2023. The agreement entails geological studies, seismic data analysis, and potential drilling activities. NNPC’s Group Managing Director, Mele Kyari, emphasized the MoU’s role in strengthening bilateral relations and maximizing oil production locally and regionally.