President Barrow Affirms Commitment to Oil and Gas Exploration Amid $100 Million Investment in Two Wells
President Adama Barrow, President of the Republic of The Gambia
By Fatou Sillah
During his State of the Nation Address, His Excellency President Adama Barrow reaffirmed the Gambia government’s ongoing commitment to oil and gas exploration. He disclosed that two wells drilled under his administration have cost approximately $100 million.
“The search for oil and gas continues. A total of five wells were test-drilled in The Gambia, two of them under my administration. In a partnership of FAR and Petronas, the two wells drilled during my tenure are named Samo-One Well, drilled in 2018, and Bambo-One Well, drilled in 2021. The drilled wells under my government cost $100 million,” President Barrow stated.
He further noted that while the results from these wells are promising, no commercially viable discoveries have yet been made.
“Although the results from both wells are very promising and positive, no discovery was made. The companies exited The Gambia licenses after fulfilling their obligations, which were primarily to drill the wells,” He Said.
President Barrow also highlighted developments regarding other oil and gas licenses in the country. In 2019, BP was awarded the A1 license and paid the government a $10 million signature bonus.
“In 2019, BP was granted the A1 license. They paid the government a ten-million-US-dollar (US$10 million) signature bonus and a thirty-million-US-dollar (US$30 million) penalty for exiting without fulfilling their license commitments,” the president said.
He attributed BP’s withdrawal to a strategic shift towards renewable energy, a move that coincided with the onset of the COVID-19 pandemic. “It was as a result of their policy shift from oil and gas exploration to renewable energy that BP exited The Gambia at the outbreak of the COVID-19 epidemic. For the time being, we are building the necessary institutional and legislative foundation to attract investors in oil and gas exploration on our shores,” President Barrow added.
In addition to energy exploration, the President outlined steps taken to regulate the expanding mining and minerals sector. In August 2024, the Ministry of Petroleum, Energy, and Mines validated new quarry regulations and updated the Mines and Quarries Act of 2005 to reflect current industry standards and best practices.
“To regulate the growing mining and mineral sector, the Ministry of Petroleum, Energy, and Mines validated Quarry Regulations in August 2024 and reviewed the Mines and Quarries Act 2005 to align them with new industry developments and best practices,” he said.
Concluding his address, President Barrow emphasized his administration’s commitment to sustainable energy development.
“My government will continue prioritizing investments in electricity generation, renewable energy, petroleum exploration, and mineral resource management to ensure sustainable energy security for all Gambians,” he said.