Gambia's offshore oil fields expected to end poverty in the country
The first exploration well in the offshore oil fields in the Atlantic is expected to be started in late 2018, as Gambia follows Senegal, Mauritania and Ghana in the subregion, who have already benefitted from the petroleum and gas products offshore. Senegal, which encloses Gambia on all sides except the Atlantic ocean front, have already started drilling the wells, after its first exploration well produced the largest oil findings in the world last year.
Gambia's oil wells are adjacent to that of Senegal and are expected to produce similar oil and gas, when explorations starts next year. Readers will recall the former dictator of The Gambia, promising voters that Europeans will soon start coming to The Gambia for hustling, referring to the oil fields, during the 2016 presidential campaigns.
The exploration license was granted to ERIN by the former Gambian dictator's government, with the proceeds or the transaction not disclosed to Gambians, much like most of the other natural resources of the country. Recently ERIN sold 80% of their holding interest to FARS, another Oil exploration and trading company, which holds license to the Senegal's world class oil fields, adjacent to Gambia's. Last month ERIN furthermore out sourced their interest to another company, which this paper reported, subject to ratification by the Gambia government.