BP to Pay $29.3 M No-Drill Fee to Gambia

BP to Pay $29.3 M No-Drill Fee to Gambia
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BP has agreed to pay $29.3 million to settle an outstanding commitment to drill an exploration well in the offshore A1 block in the West Africa, Reuters reported quoting the Gambian government spoksman.

The Gambian government spokesman, Ebrima Sankareh, said that BP did not drill the well before the initial exploration period that expired on July 29, as BP was awarded this mission two years ago.

Sankareh added that COVID-19 caused drastic change in the global oil and gas industry and led BP to suspend its drilling plans.

He elaborated that the company told the government, in July 2020, that it would not be able to drill the well due to a change in its strategy regarding the low carbon energy.

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