Gambia National Petroleum Corporation (GNPC) and oil major BP have signed a joint operating agreement (JOA) for Block A1 License offshore the West African country
The agreement was signed by GNPC managing director Yaya F. Barrow and BP Africa new countries vice-president Jonathan Evans.
The ceremony was attended by major government stakeholders and a delegation from British Petroleum (BP).
This JOA marks the first involvement of the national oil company as a partner on an oil license in the history of The Gambia.
GNPC as government licensee has been assigned a 10 per cent participating interest in the license. The JOA defines the operational boundaries of the BP-GNPC relationship.
According to GNPC statement, the JOA was reviewed and negotiated by its negotiation team with assistance from the Petroleum Negotiation Committee, Africa Legal Support facility, International Law Firm BCLP, and Senghore Law Firm.
The statement added that the partners will work together to begin exploration in the block.
Jonathan Evans said, “We look forward to working with GNPC and will like to make BP global for development.”
Yaya F. Barrow stated, “The JOA is a realisation of years of hard work, dedication and focuses by the corporation and stakeholders in the petroleum industry.”
