The Gambia's oil and gas exploration potentials conveyed at a recent investor forum in London has seduced a spectrum of international oil companies who are expected to visit Banjul soon to begin discussions on next steps.
According to the data from an audit of geotechnical data conducted by Australian oil exploration company FAR Ltd., the 'Samo' and 'Bambo' prospects off the coast of Gambia, uncovered at least 1 billion barrels of oil offshore Gambia.
Managing director of FAR Ltd., Cath Norman, said Gambia could be a "huge prize" if data analysis turn into real barrels. The Sama prospect in particular holds substantial promise, with an estimated chance of success of more than 50 percent, the company said.
The London investor forum initiated by government was very important in order to get the right deal for The Gambia, presidential spokesperson, Amie Bojang-Sisosho told reporters recently.
"The roadmap to licensing the open blocks have been unveiled to transparently license the country's oil exploration blocks," she added.
Gambian authorities presented their oil and gas potential at a London energy conference. The Ministry of Petroleum and Energy said the event was meant to showcase the potential for additional licenses offshore.
According to Mrs. Bojang-Sissoho, the reason why the government had a big delegation to London with the relevant technicians was to show what is available and who to talk to.
"Because the idea was once it is open, they would be engaging the right investors and not prospectors," she stated.