Banjul, June 19, 2025 – Gambian President Adama Barrow revealed to the National Assembly that two oil wells drilled during his term cost $100 million without resulting in a commercially viable discovery.
During his annual state of the nation address, the Head of State specified that the Samo-1 (drilled in 2018) and Bambo-1 (in 2021) wells were explored in partnership with the companies FAR and Petronas. “The results were promising, but no commercially exploitable discovery of oil or gas was made,” he said.
Costly exploration, uncertain results
These two wells bring the total number of explorations conducted in Gambian waters to five. FAR and Petronas have since left the blocks concerned after fulfilling their contractual commitments.
President Barrow also mentioned the withdrawal of the British group BP, which obtained the offshore license A1 in 2019 against a signature bonus of $10 million. The company withdrew in 2020, at the beginning of the pandemic, citing a shift in strategy towards renewable energies. As a result, a penalty of $30 million was imposed for non-execution of the drilling phase.
Focus on energy security
Despite these setbacks, the government intends to strengthen the legislative and institutional framework to attract new partners in the offshore sector. Barrow stated that his administration continues to make energy a strategic priority, with targeted investments in electricity production, renewables, hydrocarbons, and mineral resource management.
“Our goal is to ensure sustainable energy security for all Gambians,” he concluded.
