Mr.Ebrima S Camara, Managing Director of GamFarming & Machinery Company Ltd and Petronor’s local representative in The Gambia has expressed his appreciation on the efforts and commitment of both parties in reaching a mutually beneficial settlement.
He was speaking to The Voice Newspaper at the sidelines of the signing ceremony of the oil drilling and exploration deal with PetroNor, Oslo Axis Stock Exchange Market oil and gas Exploration Company that:
“I would like to thank our technical and legal team in Norway, Abu Dhabi, and the UK for their dedication to see the negotiations through. This is an achievement that brought us closer to potential economic prosperity for the benefit of not only the partners, but the nation of Gambia and its citizens” said Ebrima S Camara, PetroNor Representative in Gambia.
The 30years Oil and Gas Exploration deal with PetroNor brought to an end a three years Arbitration case involving Gambia Government and Africa Petroleum Gambia Limited (APGL), who were claiming over $168million for damages done to them.
Minister of Energy and Petroleum said the signing of the settlement agreement and the A4 Block License agreement was a historic day for the country as it brought to an end a three years legal battle with Africa Petroleum Gambia Limited.
According to him, the processes leading to the amicable settlement of the dispute and the subsequent luring of PetroNor was not an easy task, adding that it was a very contentious legal matter that threatened Gambia government control over certain offshore oil exploration blocks.
“It was a very contentious legal matter that threatened Government’s control over certain offshore exploration blocks. We are pleased to have reached a mutually beneficial settlement and the positive implication is lifting the cloud that has hung over the process as a result of the arbitration,” Energy Minister, disclosed.
He revealed that it was the 30th of August, 2019, when PetroNor (PN) acquired control of Africa Petroleum Gambia Limited through a revised takeover, adding that PetroNor and Gambia government agreed to settle all of their disputes and terminate the Arbitration as well as restore the A4 License based on the 2018 model Petroleum Exploration Development and Production License Agreement (PEPLA).
Minister Sanyang highlighted that PetroNor had twelve months to fulfil the conditions precedent for the License to be effective; adding that if the Oslo oil giant is expected to meet the conditions during this period or risk termination
The signing ceremony was witnessed by officials of Gambia Government and senior officials of Ministry Energy and Justice.
