The Gambia is one of the African countries that are largely dependent on the importation of petroleum to meet its commercial energy needs especially for power generation which relies solely on the importation of Heavy Fuel Oils (HFOs). Oil revenue has the potential to significantly change the economic situation of Gambia and it belongs to one of the largest sedimentary basins but least explored in Africa. However, researchers have been ongoing to explore the different types of hydrocarbons present in the area. The Gambia being perfectly located in the center of Mauritania, Senegal, The Gambia, Guinea Bissau, and Guinea Conakry Basin will benefit largely from the discoveries.
Going by the investigations carried out, Gambia is still at the early exploration stage and two blocks have been licensed to FAR ltd and Erin. This serves as proof of the prospects and friendly business environment in the Gambia. The government is also neck-deep into supporting the success of oil and gas exploration in reasonable ways such as facilitation of permits acquisition and approval releasing approvals needed for operators to make decisions. The government is also ensuring policy formulation to protect the local community as well as creating linkages with the local economy to leverage the opportunities created by the petroleum industry. In other to maximize benefits from these resources, Gambia is ensuring that good governance is put in place, strong management institutions, human capital development, and a standard regulatory framework.
