BP Settles $29.3 million Outstanding Commitment to Drill offshore Gambia

The Government of Gambia has announced that British major BP will pay $29.3 million towards an outstanding commitment to drill an exploration well in the offshore A1 area of The Gambia.

Following its entry into the block in April 2019, BP signed a Petroleum Exploration Development and Production License Agreement that committed the company to acquiring and reprocessing 2D and 3D seismic data and conducting an Environmental Impact Assessment, before drilling a minimum of one exploration well within an initial period of two years.

However, due to the onset of COVID-19 and a company-wide shift toward low carbon business streams, BP postponed the drilling campaign in July 2020. Following the payment of the $29.3-million “no-drill” fee, the block will be relinquished to the Government of Gambia and placed on offer for licensing.

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Jasser Hammami

Jasser Hammami

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