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Momodou
Denmark
11712 Posts |
 Posted - 02 Oct 2019 : 21:32:46
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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.
——-//——
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
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A clear conscience fears no accusation - proverb from Sierra Leone |
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Momodou
Denmark
11712 Posts |
Posted - 03 Oct 2019 : 14:48:33
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The Gambia Adopts New Petroleum License Model
The Point: Thursday, October 03, 2019
http://thepoint.gm/africa/gambia/article/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.
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