Banjul — Gambia had ended talks with African Petroleum to extend oil exploration in two of the country’s offshore blocks and was now in preliminary discussions with new investors, a senior oil official said.
The A1 and A4 blocks, operated by the firm founded by Australian-Romanian billionaire Frank Timis, are adjacent to blocks in Senegal’s water where Britain’s Cairn Energy made the largest global discovery in 2014.
A recent evaluation of the blocks cited by African Petroleum suggests they could contain more than 3-billion barrels. African Petroleum had been seeking to prolong its exploration period, which expired in September 2016, and to that end, its CEO met with new President Adama Barrow.
Oil has long been seen as a way of changing the fortunes of Gambia.