Africa Oil & Gas: Offshore oil deposits sinks Gambia in deep sea intrigue

FAR Gambia blocks A2 and A5
FAR Gambia blocks A2 and A5

International interest in offshore oil deposits has thrown the spotlight on Gambia’s ongoing squabble with African Petroleum.

African Petroleum, the Norwegian-listed oil company founded by controversial resources magnate Vasile ‘Frank’ Timis, has lodged three separate court cases against the Gambian government after it cancelled licences to drill the A1 and A4 gas fields, citing a failure on African Petroleum’s part to meet exploration commitments.

Gambia says it refused to extend AP’s licences because AP had failed to drill a well within the timeframe of the licence. The company had signed an agreement with an unnamed partner regarding a possible acquisition of the blocks, but only if the licences were extended. source: Africa Confidential

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