An Australian company West African explorer FAR Ltd. says that the small West African nation of the Gambia has uncovered an estimated 1 billion dollars of offshore oil.
The company which has a portfolio offshore West Africa said, an audit of geo-technical data show the Samo and Bambo prospects off the coast of Gambia hold combined best estimate prospective reserves of 1.1 billion barrels, the Point website reports.
According to the data, the Sama prospect in particular holds substantial promise, with an estimated chance of success of more than 50 percent. Managing Director Cath Norman said in a statement that Gambia could be a “huge prize” if data analysis turn into real barrels.
“Given the eight successful wells drilled on the shelf to date in Senegal and into the key reservoirs in the Samo prospect, the geological chance of success for drilling this prospect is high for a frontier exploration well,” she said.
The permit area offshore Gambia, which covers 1,000 square miles, is adjacent to FAR’s flagship SNE discovery offshore Senegal. The initial oil discovery at the SNE field was made in 2014 and the find was quickly lauded as one of the larger discoveries in the world. The field met the minimum threshold to be considered a commercial opportunity by the third quarter of 2016.
In October, African Petroleum said its subsidiaries in Gambia filed requests for arbitration at an international dispute chamber to protect two of its offshore licenses.
West African countries have been at odds over their maritime borders, while officials there have been vetting their corporate options as the potential for oil evolves.
Exxon Mobil recently announced that it was pulling out of oil prospecting off shore another West African nation Liberia, following its inability to find substantial reserves.
“We are naturally disappointed by the lack of hydrocarbons in the targeted reservoir sands in the Mersurado-1 well,” said Arthur Millholland CEO of COPL, which holds a 17 percent in the Liberian project.
“The lack of hydrocarbons at this location where our seismic data presented attributes indicative of hydrocarbons will cause us to do additional work on the 3D seismic over the Block, and reevaluate the other leads we have mapped on LB-13,” the COPL executive told Offshore Energy Today website.
West African Journal Magazine