Italian energy major Eni has entered Gambia’s upstream oil and gas sector for the first time after securing an offshore exploration licence in a move that expands its footprint across one of Africa’s fastest-growing energy regions.
The company signed a petroleum exploration, development and production licence agreement with the Gambian government on June 5 for Block A1, a deepwater offshore acreage covering about 1,300 square kilometres.
The agreement was signed by Gambia’s Minister of Energy and Petroleum, Nani Juwara, and gives Eni rights to explore an area located in water depths ranging from 1,250 metres to 3,300 metres.
Eni said the block lies within a section of the Atlantic Margin where significant hydrocarbon discoveries have already been made and described the award as part of its strategy to build a geographically diversified exploration portfolio spanning proven, emerging and frontier basins.
The deal marks Eni’s first entry into Gambia and gives the country a new opportunity to assess its offshore petroleum potential after years of unsuccessful attempts to advance exploration activities in the block.
