This is the last mail with a series of articles from an Oil & Gas Magazine
during the period 1997 to 2000 about the prospects of oil in Gambia and the
negotiations and researches that took place so far.
Good luck!
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Fusion trio part of farm-in deal
Hess grabs African fare
23.05.2002
Amerada Hess is to farm-in to three Fusion Oil and Gas blocks off west
Africa.
Pending customary approvals, Hess will acquire deep-water interests in
Fusion's Gambia PPL, Croix du Sud offshore Senegal and Guinea Bissau
(ACG) and Ntem off Cameroon.
Fusion will retain 20% interest in the blocks while Amerada carries the cost
of exploration.
The deal -- for which few other details were released -- is expected to be
finalised within 60 days. The companies made the move public at this time
so that tenders for 3D seismic surveys for the acreage could be issued
immediately.
Fusion managing director Alan Stein said: "We are delighted to have an
opportunity to establish a strategic alliance with Amerada Hess. In Equatorial
Guinea, Hess brought the Ceiba Field on-stream in 14 months and since,
has made five successive new oilfield discoveries. Accordingly we believe
that Hess will bring significant technical experience to the joint ventures in
the Gambia, AGC and Cameroon."
-----------------
Hoping to clear way for new era
16.05.2002
In the 1980s, Petro-Canada was essentially a state oil company used by the
Ottawa government as a vehicle to pursue wider national interests overseas.
The company was particularly active in Africa, where it was involved in
exploration work in Madagascar, Botswana, Senegal, Gambia and Tanzania,
among others.
A changing world market, however, forced the government to continually
reduce its stakeholding, freeing up the company to plough its own path and
focus on domestic operations.
Petro-Canada's first equity issue took place in 1991, triggering a process of
change that has seen it competing as a publicly-quoted integrated oil and
gas company alongside the likes of Imperial Oil, EnCana, Talisman, Shell
Canada, Nexen and Canadian Natural Resources.
Further incentive for change came when the Canadian government relaxed
rules on foreign investment in Petro-Canada in 2000.
Ron Brenneman said at the time the move would give the company
"competitive access to capital markets".
Ottawa still retains an 18.5% stake in Petro-Canada, which rankles investors
who see little commercial rhyme or reason for such a business anachronism.
Prior to taking out Veba, Brenneman was sitting on a cash reserve of about
C$2 billion -- which at that time equated to the value of the government's 49
million shares.
"If they decide to put their interest on the block, because of the cash position
we have, we would be interested in taking perhaps up to half of it," said
Brenneman last summer.
Nothing has happened since then -- and now that Petro-Canada has acquired
Veba there is no money left to buy Ottawa's stake, should it come up for
grabs.
------------------
Africa studies potential
14.05.2002
Gambia's Petroleum Commissioner, Kabar Jawara, and executives from
Senegal's state-run oil company Petrosen will travel to Mauritania this month
to give the go-ahead for a new study into the region's petroleum potential.
The last study was completed in 1980 by now-defunct consultant Atlantic
Resources, together with French company Beicip.
Sources said World Bank funding would be sought for the study, which will
be conducted by international competitive tendering.
The scale of the study is vast -- it would involve a full onshore-offshore re-
evaluation of Mauritania, Senegal, Gambia, Guinea-Bissau and Guinea-
Conakry.
Officials said Morocco will also be asked to participate, but added that the
disputed territory of Western Sahara will not be included in the survey.
"The plan is an inter-governmental initiative and we have to deal only with
sovereign entities," a source said.
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