Members of the National Assembly on Wednesday amended the Petroleum exploration, development and production Bill 2007, tabled by the Secretary of State for Justice and Attorney- General, Kebba Sanyang .

The proposed amendment, according to SoS Sanyang, aims at developing a solid framework for the sustainable development of the upstream petroleum sector, through the provision of sustainable and internationally-competitive legislative and regulatory framework. This, he said, is meant to continue to provide an enabling environment, through a suitable and comfortable legislative frame work for promoting local and foreign investments in the exploration, development and production of petroleum resources in The Gambia; and also to provide more advantageous incentives to The Gambia as described in the model Petroleum licenses which are absent in the Petroleum Act 2004. He added that the Bill provides security for investment and to build greater confidence in international oil companies’ investment in petroleum exploration, development and production in The Gambia.

According to SoS Sanyang, nation’s prosperity is greatly enhanced by the discovery and exploitation of economically viable mineral resources, including petroleum. “Following this discovery, a petroleum exploitation development and production Act 2004, was enacted by the National Assembly. Government therefore vigorously embarked on promoting the petroleum potential of The Gambia. This continued effort has resulted in the signing of two deep water petroleum exploration, development and production license A1 and A4, with Buried Hill Energy of Canada on the 8th of September 2006.”

He revealed that the overriding principle in the country’s promotion offers is to make sure that our petroleum resources provide maximum benefit to The Gambia and to avoid the pit-falls that other oil producing states have encountered. “During the course of negotiations with Buried Hill Energy, and other international oil companies, it came to light that, certain clauses of the Petroleum Exploration, Development and Production Act 2004, needs amendments to make the act competitive and better able to safeguard the interest of the nation,” he said.

He, however, said that Petroleum exploration has many inherent uncertainties which make it a national concern and a very high risk venture which therefore makes it necessary to reassure investors’ confidence and competitive legal and fiscal regimes will build this confidence and thus, serve as an important element for attracting the necessary investment capital into the sector. The Office of the President in collaboration with The Gambia Revenue Authority (GRA), the Department of State for Justice and other stakeholders critically review the Petroleum Act 2004 and made the necessary adjustments,” he told the Assembly.

Seconding the Bill, Fabakary Tombong Jatta, the Majority Leader and Member for Serrekunda East, described the Bill as non-controversial as the reasons for the amendment is clearly spelt out. “lt seeks to ensure that Gambians enjoy maximally from the petroleum resources available in this country and to also ensure that goods and services provided in The Gambia are competitive,” he concluded.