Mr. Sanneh:
The offshore oil exploration may not even take off if investors conclude with certainty that tentative expenditure will exceed expected revenues. While I am glad of such an opportunity, I must also revisit history. Didn't the former regime conclude with certainty that expected expenditures were in excess of expected revenues?
Oil accounting is an unusual accounting. I have the following questions for the Government of The Gambia:
1. What are the expected costs of Research and Development?
2. How much will it cost to acquire equipment and machinery?
3. What are the expected costs of labor?
4. What is the expected quantity of oil to be depleted?
5. What are the environmental effects of the drilling?
6. Are the expected mineral resources within the maritime boundaries
of the Gambia?
7. Does the Gambia have the capital for this exploration?
8. Will the explorers conclude with certainty that expected revenues
exceed expected expenditure?
9. Is this exploration short-term or long-term?
10. Will outside explorers use domestic accounting or their headquarters'
accounting?
11. Is their a clear promulgation on whether expected research and
development costs will be expensed immediately?
12. Is the home accounting in variance with foreign accounting?
Sincerely,
Lamine J. Conteh
Accounting Instructor
Halifax Community College
P.O. Drawer 809
Weldon, NC 27890
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>>> [log in to unmask] 12/09/04 02:35AM >>>
Gambia opens offshore oil exploration for bidding
Wed Dec 1, 2004 04:39 PM GMT
Printer Friendly | Email Article | RSS HOUSTON, Dec 1 (Reuters) - Gambia, eager to get off the sidelines of western African energy exploration, opened six offshore blocks for bidding on Wednesday, hopeful companies will explore its Atlantic coastline.
The bidding round for the blocks, which cover 8,000 square kilometers of coastal shelf and deepwater, runs through April 30.
Older seismic data and about 500 square kilometers of new 3-D seismic data on a deepwater section of the first block is available from Western Geco (SLB.N: Quote, Profile, Research) in London and Houston, said Lamin A.M. Njie, the nation's commissioner of petroleum.
He told a small audience at the Corporate Council on Africa's Oil and Gas Forum that his nation, which has seen just one offshore well spudded in its history, has tried to make exploration terms competitive.
"The idea is to make the lease as simple as possible, so investors can easily understand it," he said.
var year = new Date() document.write('© Reuters ' + year.getFullYear() + ". All Rights Reserved." ); * Reuters 2004. All Rights Reserved.
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Companies mentioned in this articleData as of 9 Dec 2004 7:30 AM GMT . Delayed at least 15 to 20 minutes.SymbCompanyLastChgChg %SLB.NSCHLUMBERGER LTD62.29+0.04+0.06%
All quotes delayed by at least 15 minutes.
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