Gambiaj.com – (BANJUL) – The Gambia National Petroleum Company (GNPC) is set to showcase investment opportunities in The Gambia’s oil and gas sector at the upcoming Invest in African Energy (IAE) forum in Paris. Baboucarr Njie, Managing Director of GNPC, will speak at the event on May 14-15, aiming to attract global capital to the country’s untapped energy prospects.

GNPC plays a pivotal role in maximizing benefits from The Gambia’s hydrocarbon resources. It encourages oil exploration, regulates pricing structures of petroleum products, and promotes private sector investment in the sector. Through the IAE 2024 forum, GNPC intends to highlight the country’s attractive fiscal terms and promote areas of high prospectivity.

The Bambo prospect reservoirs in The Gambia have shown promising oil indications in recent years, potentially holding up to 1.2 billion barrels of oil. This data, acquired by independent oil and gas company FAR, has opened new exploration opportunities in Blocks A2 and A5, where FAR holds a 50% stake in each block. Although a discovery has not yet been made, The Gambia basin offers significant potential for major discoveries, particularly given its proximity to Senegal’s Sangomar field, expected to start production later this year.

FAR’s permit term for Blocks A2 and A5 was extended last July, allowing exploration activities to continue through September 2025. The company has announced plans for farm-out agreements, with new partners expected to finance geoscience reviews and future exploration wells. With much of the country’s basin still unexplored, GNPC aims to accelerate private investment in exploration and facilitate discussions with potential investors at the IAE forum.

“GNPC is committed to working with global partners to unlock the full potential of The Gambia’s oil and gas resources, with IAE 2024 offering unparalleled access to the market. Strengthened domestic commerce laws such as the Gambia Investment and Export Promotion Agency Act of 2010, as well as The Gambia’s system of Petroleum Exploration, Development and Production Licenses, have made investing in the country that much easier,” stated Sandra Jeque, Event and Project Director at IAE event organizer Energy Capital & Power.