stockmarket

Gambia signs oil exploration deal with BP – president's office


© Reuters. FILE PHOTO: Logo of BP is seen at a petrol station in Kloten

BANJUL (Reuters) – Gambia’s government said on Tuesday it had signed a contract with BP (LON:) to explore oil and gas off its coast.

The statement from President Adama Barrow’s office said BP representatives met Barrow at the presidential palace but provided no further details about the deal. BP did not immediately respond to a request for comment.

Barrow’s government is trying to build up Gambia’s oil and gas sector as a way of reviving an economy gutted by more than two decades of autocratic rule under former President Yahya Jammeh, who fled the country in 2017.

That same year, Barrow’s government stripped Norwegian-listed African Petroleum Corporation of two offshore blocks thought to contain up to 3 billion barrels of oil, saying the licenses had expired.

The company disputed that and launched arbitration proceedings in October 2017.

The disputed blocks lie next to licences in neighbouring Senegal, where big discoveries have been made.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.