The Gambia is one of the African countries that is largely dependent on importation of petroleum to meet its commercial energy needs especially for power generation which rely solely on importation of Heavy Fuel Oils (HFOs). Oil revenue has the potential to significantly change the economic situation of Gambia and it belongs to one of the largest sedimentary basins but least explored in Africa. However, researches have been on going to explore the different types of hydrocarbons present in the area. Gambia being perfectly located in the centre of the Mauritania, Senegal, The Gambia, Guinea Bissau and Guinea Conakry Basin will benefit largely from the discoveries.
Going by the investigations carried out, Gambia is still at the early exploration stage and two blocks have been licensed to FAR ltd and Erin. This serves as proof to the prospects and friendly business environment in Gambia. The government is also neck deep into supporting the success of oil and gas exploration in reasonable ways such as facilitation of permits acquisition and approval releasing approvals needed for operators to make decisions. The government is also ensuring policy formulation to protect local community as well as creating linkages with local economy to leverage on the opportunities created by the petroleum industry. In other to maximise benefits from these resources, Gambia is ensuring that good governance is put in place, strong management institutions, human capital development and standard regulatory framework.