Italian energy major Eni enters The Gambia with award of offshore deepwater Block A1

Italian energy major Eni (BIT:ENI, NYSE:E) and the government of The Gambia, represented by the Minister of Energy and Petroleum Nani Juwara, on June 5 signed a petroleum exploration, development and production licence agreement for the Block A1 offshore the Republic of The Gambia.

“Eni’s entry into The Gambia is in line with the Company’s exploration strategy focused on building a geographically diversified portfolio which includes opportunities in proven but still underexplored and emerging areas and frontier ones with high potential,” the company said in a media statement.

According to the African Energy Centre (AEC), the agreement represents an important step in advancing the country's exploration ambitions and reflects efforts by the Ministry of Petroleum, Energy and Mines and the Petroleum Commission to attract international investment. It also highlights rising investor confidence in the country’s oil and gas potential.

Located within the MSGBC Basin, Block A1 covers around 1,300 km2 in water depths of 1,250 – 3,300 metres. The MSGBC Basin, which spans Mauritania, Senegal, The Gambia, Guinea-Bissau, and Guinea, has emerged as one of the most sought-after hydrocarbon provinces in West Africa. The basin has already delivered major discoveries and projects in the region, including the Greater Tortue Ahmeyim (GTA) gas development and Senegal’s Sangomar oilfield.

Cany Jobe, director general of The Gambia's Petroleum Commission said the agreement marked the opening of a new and serious phase in the responsible assessment of The Gambia’s offshore petroleum potential. “It means that The Gambia has secured the participation of a credible international operator to undertake the next stage of structured exploration in Block A1,” she added in comments cited by the AEC.

Jobe noted that the agreement was the first to be signed under the oversight of the Petroleum Commission. She said Eni’s decision to enter the country was an important expression of confidence in The Gambia’s petroleum potential, institutional framework, and the investment environment that the government continued to build.

According to the AEC, The Gambia’s location alongside producing and emerging markets such as Senegal and Mauritania, combined with favourable geology and access to regional infrastructure, made the country a natural extension of the basin’s recent success. Eni's experience in frontier exploration and deepwater developments could help unlock new resources and support the long-term growth of The Gambia’s petroleum sector, the Chamber said.

AEC’s executive chairman NJ Ayuk welcomed the agreement.

“Eni’s entry into The Gambia represents exactly the type of bold, frontier-focused investment Africa needs more of,” Ayuk said. “The company has consistently demonstrated that strategic exploration creates long-term value for host countries, investors and local communities alike. We commend Eni and the government of The Gambia for advancing a partnership that has the potential to unlock new resources, attract further investment and create lasting economic benefits for the country,” he added.