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Nigerian Billionaire Signs Exploration Deals With Kenya, Gambia by africagist: 9:42am On Jun 03, 2012
US traded, Nigerian owned oil and gas firm, CAMAC Energy is expanding its business in Africa signing two new exploration deals in Kenya and Gambia witnin two weeks this month, Empowered Newswire reports.

According to the Nigerian born Chairman of the US company, Dr. Kase Lawal, CAMAC will also be offering training and skill development for African nationals in the countries, including creating fully funded scholarships for some of the nationals to study Petroleum Engineering in the University of Houston, Texas State, US.

International news wires also reported that the two African countries expressed their pride that an African-owned oil company would be exploring and producing from its shores,

Earlier this week The Gambian government signed a production agreement with CAMAC Energy for two offshore blocks in the west African nation, the first such deal Gambia is signing with a foreign oil company.

Less than two weeks ago, CAMAC had announced a similar deal with the Kenyan government with whom the company also signed production sharing contracts, PSC- on two newly created deepwater blocks off Kenya in addition to two Lamu basin land blocks previously awarded.

In the Kenya deal, CAMAC will be the operator with 90% interest in all four PSCs and the Kenyan government has a 10% carried interest prior to designation of any commercial discovery. CAMAC expects an indigenous company to take a minority interest later in that deal.

Also in the Gambian deal, CAMAC carries 100% in each of the two oil blocks, but the Gambia National Petroleum Company, GNPC has the right to elect to participate up to a 15% interest, following approval of a development and production plan.

CAMAC Energy is also responsible for all expenditures prior to such approval even if the GNPC elects to participate. During the initial four year exploration phase, CAMAC Energy will conduct surveys, acquire and interpret 2D and 3D seismic data, identify prospects for future drilling and drill one exploration well on each of the Blocks.

Commenting on the Gambian deal with CAMAC, the Gambian President Yahya Jammeh commended CAMAC for choosing to invest in his country, assuring CAMAC of a conducive working environment.

Jammeh said the government wants “a mutually rewarding partnership,” while also saying there is the need for trust, honesty and transparency between the two sides, according to wire reports from both PANA and Bloomberg.

President Jammeh explained the important relationship between energy and development, saying “For us to ensure development, we should have reliable and affordable energy. In eradicating poverty, reliable and affordable energy is indispensable.”

Responding, Nigerian -born Dr. Kase Lawal, the Chairman/CEO of CAMAC Energy praised the Gambian leader for his sense of vision and support, hinting that CAMAC might expand its investment in Gambia to power sector areas.

Besides, Lawal said under the partnership with the Gambia, CAMAC would explore skill development and training of local Gambians.

According to Lawal “we will train Gambians as we have confidence, expertise and knowledge in training the people of African countries where we do businesses.

He added that ‘ doing well and doing good business is being a good steward, a good neighbour and a good partner.

According to Lawal:”We will train the people of The Gambia. That is what we want to do in The Gambia and you should expect nothing less from us. Education is at the core of developing a nation – when boys and girls can read and write, they become independent; they can fetch for themselves, a great nation is born and sustained.

Continuing he said: “in 1992, we set up an endowment at the famous University of Houston, Petroleum Engineering College and we have trained a lot of African students since 1992 that have become leaders in oil companies across the globe.”

According to local Gambian media reports, CAMAC was selected from a list of three explorers shortlisted for drilling rights at Gambia’s A2 and A5 concessions.

In Kenya, the Deepwater blocks L27 and L28 signed over to CAMAC cover a combined 21,170 sq km just east of deepwater blocks L11A and L11B operated by Anadarko Petroleum Corp. Land Block L1B is in the Lamu basin, and Block L16 is in the Lamu basin transition zone. L16 is bounded on the east by Block L8, operated by Apache Corp., and is just northwest of Block L9, operated by Ophir Energy PLC.

During the initial exploration phase under each contract, CAMAC will be conducting surveys, acquiring and interpreting 2D and 3D seismic, and identifying prospects for future drilling. The execution of the PSCs represents CAMAC Energy’s official entry into Kenya and the East African exploration frontier.

www.africagist.com

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