This is a best prospect industry sector for this country. Includes a market overview and trade data.

Overview

The Gambia is geologically situated within the Mauritania, Senegal, Gambia, [Guinea] Bissau, and [Guinea] Conakry (MSGBC) Basin.  There are four offshore and two onshore oil blocks, and licensing to these blocks is conducted by The Ministry of Petroleum and Energy.  The ministry houses the Gambia National Petroleum Agency (GNPC) which is responsible for fuel storage and supply.  The Gambia depends on imported petroleum to meet its commercial energy needs, including the generation of electricity which relies on the importation of Heavy Fuel Oils (HFOs).  Permits to import HFOs are fully liberalized. The Ministry of Petroleum and Energy engages in direct negotiations and accepts proposals from oil companies that express interest in the country, rather than issuing tenders for companies to submit bids, a process it calls “expensive.”
Table 4. The Gambia Oil and Gas Sector Trade Data 2014 – 2017, value (US $)
 2014201520162017 (Estimated)
Total Local Productionn/an/an/an/a
Total Exportsn/an/an/an/a
Total Imports87,500,00073,809,524n/an/a
Imports from the US
 		n/an/an/an/a
Total Market Sizen/an/an/an/a
Exchange Rates: 1USD40424445

(total market size = (total local production + imports) - exports)
Source: The Ministry of Petroleum and Energy
Source (exchange rate data): Central Bank of The Gambia

Leading Sub-Sectors

Oil exploration and drilling licenses present the best prospects in the oil and gas sector.  In 2016, drilling in a Senegalese oil field adjacent to one of the Gambian offshore oil blocks confirmed the presence of sizable crude oil deposits in Gambian territory. 
Heavy Fuel Oil (HF0): It is estimated that The Gambia imports 84,000 metric tons of HFO annually.  In March 2017 the new administration announced the liberalization of the importation of fuels into The Gambia and one year later, the U.S. Department of Treasury issued sanctions against the monopolist fuel importer, sending fears of a price hike in the market.  The GOTG will be looking for a reliable supplier of HFOs.

Opportunities

There are opportunities for investment in the oil and gas sector, which is listed as a critical enabler in the National Development Plan (2018 – 2021) and which The Gambia Investment and Export Promotion Agency (GIEPA) lists as a priority sector.  Two companies have been issued mineral exploration and exploitation licenses for the preliminary exploration of onshore and offshore oil.  Extraction on one of these sites is set to begin in December 2018. 
The importation of heavy fuel oils represent the most immediate opportunity in the sector, while exploration licenses present the best short to medium term opportunities in oil and gas.  The importation of seismic data mapping technology along with drilling licenses presents medium term market opportunities.

Web Resources

Ministry of Petroleum and Energy (MoPE) 
The National Water and Electricity Company (NAWEC)
The Gambia National Petroleum Company (GNPC) 
The Public Utility Regulatory Agency (PURA)



 

 

 

 

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