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toubab1020
12309 Posts |
 Posted - 04 Oct 2018 : 13:35:22
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October 3, 2018
The Gambia government in a press release has emphasised that the widespread rumours on social media that oil drilling has begun in The Gambia are totally false.
The release, issued yesterday outlined the following as the facts regarding potential oil exploration in the country:
So far, there is no drilling of oil in The Gambia. What is happening is that three oil companies—FAR, Petronas and Erin are mobilising to do the drilling of the first ‘test well’ before end of the year to verify if The Gambia possesses oil reserves at commercial quantity or not.
The cost of the drilling is estimated at $50 million which is shared by the 3 companies according to their shares in licence interest. Though government is a party, it will not be contributing in this phase. The drilling will be led by FAR on behalf of the parties including government. Government and the parties involved do have monthly meetings on all activities based on a work plan under a Due Diligence Committee that supervises their operational activities.
Government has 15% shares once there is discovery/production and this could increase by another 5% at commercialisation. In addition, The Gambia Government will receive royalties for any barrel produced to be determined by market price of oil.
Technically, there is a difference between licence interests and shares. For now, though, FAR and others have licence interest and the government is carried by them. This is called “carried interest” to avoid government contributing its limited resource for the exploration phase and mitigate the risk of non-commercial discovery. This phase will be totally financed by the three companies of FAR, Petronas and Erin.
Therefore, The Gambia government hereby reassures citizens that the Barrow administration remains committed to the noble principles of transparency and accountability in all its activities especially, the harnessing of the country’s natural resources.
http://foroyaa.gm/no-oil-drilling-off-the-gambian-coast/
RELATED TOPIC:
http://www.gambia.dk/forums/topic.asp?TOPIC_ID=15671
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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toubab1020
12309 Posts |
Posted - 04 Oct 2018 : 14:03:14
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Thursday, October 04, 2018
Contrary to widespread rumors on social media that oil drilling has begun in The Gambia, The Gambia government makes it categorically clear that the allegations are totally false, they lack merit and constitute a total distraction from the national agenda.
Here are the facts regarding potential oil exploration in the country:
So far, there is no drilling of oil in The Gambia. What is happening is that three oil companies—FAR, Petronas and Erin are mobilising to do the drilling of the first ‘test well’ before end of the year to verify if The Gambia possesses oil reserves at commercial quantity or not.
The cost of the drilling is estimated at $50 million which is shared by the 3 companies according to their shares in licence interest. Though government is a party, it will not be contributing in this phase. The drilling will be led by FAR on behalf of the parties including government.Government and the parties involved do have monthly meetings on all activities based on a work plan under a Due Diligence Committee that supervises their operational activities.
Government has 15% shares once there is discovery/production and this could increase by another 5% at commercialisation. In addition,The Gambia Government will receive royalties for any barrel produced to be determined by market price of oil.
Technically, there is a difference between licence interests and shares. For now, though, FAR and others have licence interest and the government is carried by them. This is called “carried interest” to avoid government contributing its limited resource for the exploration phase and mitigate the risk of non-commercial discovery. This phase will be totally financed by the three companies of FAR, Petronas and Erin.
Therefore, The Gambia government hereby reassures citizens that the Barrow administration remains committed to the noble principles of transparency and accountability in all its activities especially, the harnessing of the country’s natural resources.
Source: Office of Government Spokesperson
http://thepoint.gm/africa/gambia/article/govt-rubbishes-oil-drilling-rumour |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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toubab1020
12309 Posts |
Posted - 04 Oct 2018 : 14:06:19
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October 4, 2018
The Gambia government yesterday issued a statement to rebut reports making the round that drilling for oil has started in the country. A statement signed by Spokesman Ebrima Sankareh said the country is even yet to verify if there is oil for commercial use.
His statement is reproduced in full below:
“Contrary to widespread rumors on social media that oil drilling has begun in The Gambia, The Gambia government makes it categorically clear that the allegations are totally false, they lack merit and constitute a total distraction from the national agenda.
Here are the facts regarding potential oil exploration in the country:
So far, there is no drilling of oil in The Gambia. What is happening is that three oil companies—FAR, Petronas and Erin are mobilising to do the drilling of the first ‘test well’ before end of the year to verify if The Gambia possesses oil reserves at commercial quantity or not.
The cost of the drilling is estimated at $50 million, which is shared by the 3 companies according to their shares in licence interest. Though government is a party, it will not be contributing in this phase. The drilling will be led by FAR on behalf of the parties including government. Government and the parties involved do have monthly meetings on all activities based on a work plan under a Due Diligence Committee that supervises their operational activities.
Government has 15% shares once there is discovery/production and this could increase by another 5% at commercialisation. In addition, The Gambia Government will receive royalties for any barrel produced to be determined by market price of oil.
Technically, there is a difference between licence interests and shares. For now, though, FAR and others have licence interest and the government is carried by them. This is called “carried interest” to avoid government contributing its limited resource for the exploration phase and mitigate the risk of non-commercial discovery.
This phase will be totally financed by the three companies of FAR, Petronas and Erin. Therefore, The Gambia government hereby reassures citizens that the Barrow administration remains committed to the noble principles of transparency and accountability in all its activities especially, the harnessing of the country’s natural resources.”
http://standard.gm/site/2018/10/04/govt-explains-state-of-gambias-oil-prospects/ |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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toubab1020
12309 Posts |
Posted - 09 Oct 2018 : 12:16:54
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October 8, 2018
The Director of Company that is currently charged with the drilling of an exploration well has the following to say in their own publication on their role in The Gambia for the sake of transparency and accountability.
FAR Gambia Ltd (“FGL”) signed a Farm-out Agreement (“FOA”) with a subsidiary of Petroliam Nasional Berhad (“PETRONAS”) to assign a 40% interest in each of the highly prospective offshore petroleum licences, Blocks A2 and A5 in The Gambia. PETRONAS’s subsidiary will fund 80% of total well costs of the Samo-1 exploration well up to a maximum total cost of US$45.0 million.
FGL is expected to be paid estimated cash of US$19 million (as at end June 18) for the reimbursement of back costs and cash consideration.
Ministerial approval of the assignment was given on 23 August 2018.
FGL will retain a 40% working interest through the exploration phase of the A2/A5 licences, including the drilling of the Samo-1 well in Q4 [4th quarter] 2018. FGL is presently operator of the joint venture and PETRONAS has a right to become operator after a discovery in the licences.
The Samo-1 well is expected to be drilled in Q4 [4th quarter] 2018 and will be the first exploration well offshore The Gambia since 1979.
It will be located on the Samo Prospect in the A2 block, approximately 29.6 km south of the discovery well in the giant SNE Field offshore Senegal and on
the same shelf edge trend. There have been 9 successful oil wells drilled by the
RSSD joint venture in Senegal on this trend with a 100% success rate.
FGL estimates the Samo Prospect contains Prospective Resources of 825mmbbls oil (best estimate, 100%, unrisked-refer ASX announcement of 21 Nov 2017).
FGL awarded the drilling contract to a subsidiary of Stena Drilling who will provide the Stena DrillMAX deepwater drillship to drill the Samo-1 well.
FGL also executed a sublease contract with the Senegal RSSD joint venture to use the Dakar shorebase facilities for the Samo-1 drilling operations. These facilities have been used by the RSSD joint venture in the recent 11 well drilling campaigns and the A2/A5 joint ventures will benefit from the experience of the RSSD shorebase team when drilling the Samo-1.
http://foroyaa.gm/the-facts-on-oil-drilling-from-the-company/ |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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Clarification on OIL DRILLING .
