Oil major BP and Gambia National Petroleum Corporation (GNPC) on Tuesday, July 23 signed a joint operating agreement for Block A1 License located offshore The Gambia.
Announcing the agreement earlier this week, GNPC said that JOA marked the first involvement of the National Oil Company as partner on an oil license in the history of The Gambia. GNPC as government licensee has been assigned a 10% participating interest in the license. The JOA defines the operational boundaries of the BP-GNPC relationship.
The agreement was signed by GNPC Managing Director Yaya F. Barrow and BP Africa New Countries Vice President Jonathan Evans.
According to GNPC, the JOA was reviewed and negotiated by its negotiation team with assistance from the Petroleum Negotiation Committee, Africa Legal Support facility, International Law Firm BCLP, and Senghore Law Firm.
In partnership with GNPC, BP will start the work to explore the potentials of offshore Block A1 in search for oil in Gambian waters.
“The Corporation will continue to work in partnership with Ministry of Petroleum and Energy, stakeholders and all present and future Licensees to maximize the benefits of the oil and gas industry for our people,” GNPC concluded.
Source: Offshore Energy Today