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June 26, 2020

FAR and Petronas sign joint agreements for Gambian offshore asset

FAR subsidiary FAR Gambia has signed new joint operating agreements for the blocks A2 and A5 offshore the Gambia with Petronas subsidiary PC Gambia.

By Himaja Ganta

FAR subsidiary FAR Gambia has signed new joint operating agreements for the blocks A2 and A5 offshore the Gambia with Petronas subsidiary PC Gambia.

This follows granting by the government of new licences for the blocks effective 1 October last year.

The partners then updated the terms of the existing JOAs by entering the new agreements.

FAR has a 50% interest in Blocks A2 and A5 and serves as the operator.

In a press statement, FAR said: “Efforts to find an additional partner for the drilling of the next well in The Gambia are ongoing with FAR having run numerous data room presentations for interested parties.

“FAR is working to conclude a farm-out before the restart of the drilling operations.”

Covering an area of approximately 2,682km² within MauritaniaSenegal-Guinea-Bissau-Conakry (MSGBC) basin, both the blocks are located to the south of FAR’s Sangomar Field development offshore Senegal.

They lie 30km offshore in water depths ranging from 50m to 1,200m.

FAR Management said: “We are delighted to enter into new JOA’s with PETRONAS in respect of the A2 and A5 Blocks, following the granting of the new Licences last year. This is testament to an excellent partnership between FAR and PETRONAS.

“The new JOA’s and licences provide us with up-to-date agreements for our ongoing work on these Blocks, where we are highly encouraged to continue exploring in this proven and prospective basin.”

Last month, Petronas completed the farm-down of 50% of its interest in Block 52 offshore Suriname to ExxonMobil Exploration and Production Suriname.

Recently, Petronas signed an agreement with the government of a Malaysian state on the management of oil and gas and sales tax on petroleum products.

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