After posting a perfect record in discoveries off the West African coast, Australian energy company FAR Ltd. said its footprint was expanding with a new buy-in.

Working through a subsidiary, FAR Ltd. said it was buying into basins off the coast of Gambia from ERIN Energy Corp., which has headquarters in Houston. The Australian company under the terms of the agreement, which still requires government approval, agrees to fund up to $8 million in exploration and production costs.

The two Gambian blocks combine for an estimated 1 billion barrels of unrisked barrels of oil and are in close proximity to FAR's SNE oil field offshore Senegal, which was considered the largest oil find ever made when announced in 2014.

FAR Managing Director Cath Norman said the deal with ERIN gives her company a dominant position in the Mauritania-Senegal-Guinea-Bissau basin. With eight regional oil discoveries so far, "the MSGB basin has emerged as an exploration 'hot spot' attracting the attention of the world's oil majors," she said in a statement.

Gambia is a minor player with exports emerging only in 2015. According to the U.S. Energy Information Administration, the country exported an average 81,000 barrels of oil per day last year.

ERIN entered Gambian waters in 2012 and described the region as highly prospective given the proximity to other nearby discoveries like SNE and the larger Jubilee oil field off the coast of Ghana. Through its partnership with FAR, seismic surveys offshore Gambia are planned this year in order to get a better understanding of the reserve potential.

Drilling is planned for late 2018.

Tweet

Low prices at the pump holding thanks to OPEC
Washington (UPI) Mar 28, 2017
Uncertainty surrounding an OPEC-led production agreement is keeping a lid on crude oil prices to the benefit of U.S. motorists at the pump, AAA reported. The motor club lists a national average retail price for a gallon of regular unleaded gasoline at $2.28, a fraction of a cent less than the previous day, but relatively unchanged from one month ago. Retail gasoline prices usuall ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only