All Forums  Politics Forum  Politics: Gambian politics  Sidi Sanneh: on new oil license agreement

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Videos: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by Momodou[/i] [br]Yesterday, we learned from FAR of the new license Agreement between The Gambia Government and FAR. Today, we get this from our government for an Agreement that took effect yesterday. Coincidence? You be the judge. [b]——-//——[/b] REPUBLIC OF THE GAMBIA PRIVATE Office of The President State House Banjul THE GAMBIA ______________________________________________________________________ OP/291/249/01/PART IV (277- ABS) News Release The Gambia Adopts New Petroleum License Model State House, Banjul, 2nd October 2019 - His Excellency, President Adama Barrow on Tuesday got briefed by the Minister of Petroleum and Energy, Honourable Fafa Sanyang on The Gambia’s revised and amended petroleum licensing model. The review of the Petroleum Exploration, Development, and Production Licences Model was necessitated by the need to upgrade it to international standards. “This new model licence is of [an] international standard, which represents an improvement on the existing ones. It will hence be the basis for any future licence negotiations for The Gambia”, Minister Fafa Sanyang informed the president. Based on the new model, FAR Ltd and PETRONAS now hold fifty percent (50%) shares each in Blocks A2 and A5. Furthermore, it means that the existing licences of FAR and PETRONAS’ for blocks A2 & A5, which were signed in 2012, shall operate within the remits of the new licence model leading to the resumption of active exploration work on these blocks. Consequently, the participating interests in the revised licences held by FAR and PETRONAS are currently 50% each, while the government of The Gambia reserves the right to take up to 15% participating interest. As part of the agreement, the government will be paid a bonus of four million and five hundred thousand dollars ($4.5m) for both licences, along with training and resource contribution as well as surface rentals per annum. Other issues that the new model takes into account include the introduction of additional profit, capital gain tax, payment requirements, and restructuring of the exploration periods and legal requirements. End Contact: Amie Bojang-Sissoho Director of Press & Public Relations Office of the President, State House, Banjul Official Email: absissoho@op.gov.gm dpprop2017@gmail.com Personal email; amiesissiho@yahoo.com Tel: Twitter: @AmieBSissoho Facebook:Amie Bojang Sissoho Mobile: +220 –9957592 [/quote]   Check here to include your profile signature.