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Friday, October 30, 2020

Senegal oil discovery raises high hopes for Gambia reserves

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In its audit report, Africa Petroleum said the discovery of the Senegalese offshore oil reserves, FAN-1 and SNE-1, has raised hopes for prospective exploration in The Gambia’s block A1 and A4. 

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Late last year, Senegal explored two of its oil wells, FAN-1 and SNE-1, which was said to be potentially the biggest global discovery of the year.

“APCL holds large working interests in blocks on trend with the material recent FAN-1 and SNE-1 successes, made by Cairn/FAR. Importantly, the blocks held by APCL are both to the north (ROP, Senegal) and south (A1&A4, The Gambia and SOSP, Senegal), which means the success of the SNE-1/FAN-1 has notably de-risked the four Gambia/Senegal blocks that APCL holds,” the company states.

Meanwhile, Camac Energy, a US-based company which has acquired its licences for the exploration of The Gambia’s blocks A2 and A5 since May 2012, has revealed last year that they are optimistic that the country’s oil may start flowing before the fall of 2016.     

“The first offshore exploration well in The Gambia is currently anticipated to be drilled in 2016. Further frontier exploration activities are also continuing offshore Gambia on blocks A2 and A5,” the company adds.  

In April last year, the company completed a regional geology and geophysical study of offshore blocks A2 and A5 and stated its “next step is to acquire 3-D seismic over the most promising areas” adding, it has “contracted with Polarcus for the 3-D seismic acquisition.”

CAMAC also announced on March of this year that it was engaged in active discussions with the government to extend the exploration period of the licences, which it believes will be successful, and is also in discussions with a potential partner to farm out a portion of its rights under the licences.


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