Fossil energy – Gambia
Gambia’s A1 offshore block is back on the market for licensing, the petroleum ministry said on Thursday, three days after BP agreed to a $29.3 million settlement for failing to meet its drilling obligations there.
The British oil major violated its licence agreement by failing to drill a well before the initial exploration period expired on July 29, but Tuesday’s settlement fulfilled its outstanding obligations, the petroleum ministry said in a statement.
“The A1 Block will revert to government free of all encumbrances,” the statement said. “With BP’s exit, the A1 Block will now be on the market for licensing.”
BP was awarded the block’s exploration rights in 2019, after Gambian authorities stripped the concession from its previous holder for also failing to meet certain obligations before the exploration period expired.