African Petroleum starts arbitration over oil drilling rights in Gambia
Banjul — African Petroleum Corp has begun arbitration proceedings over Gambia’s decision to strip the company of its rights to explore for oil in two offshore areas. The Norwegian-listed company said in a statement on Wednesday that two wholly owned subsidiaries had requested arbitration with the US-based International Centre for the Settlement of Investment Disputes, "to protect its interests in the A1 and A4 licences". Licence area blocks A1 and A4 are thought to contain up to 3-billion barrels of oil and lie next to licences in neighbouring Senegal, where big discoveries have been made. Gambia said in August that African Petroleum’s licences had expired and were now open for relicensing, accusing the company of failing to meet its commitments — charges denied by African Petroleum. "Arbitration is certainly not our preferred route. However, we believe arbitration is necessary to protect our interests in these licences, in which we have made significant investment over the years," ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.