Gambia Signs Oil Exploration Deal with Camac Energy, GRTS Says
Monday, 28 May 2012 | 16:30
Gambia and Camac Energy Inc. (CAK) of the U.S. signed a contract for the exploration and production of oil off the West African country’s coast, state-run media said.
The government selected Camac from among three companies shortlisted for drilling rights at Gambia’s A2 and A5 concessions, the oil ministry said in a statement broadcast over state-owned radio and GRTS television. Camac is a Houston-based explorer with operations in Nigeria and, through subsidiaries, in China.
The company will work closely with Gambia National Petroleum Corp. and the oil ministry, an unidentified Camac official who signed the agreement said from Lagos, Nigeria, according to the ministry. Gambian President Yahya Jammeh assured Camac of a conducive working environment and said the government wants “a mutually rewarding partnership.”
Gambia, with a population of about 1.8 million people, is the smallest country on mainland Africa. Its economic growth may be “slightly negative” this year because of crop failure and anticipated lower tourism revenue, the International Monetary Fund said on March 6.
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