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DAKAR, Aug 13 (Reuters) - Gambia's A1 offshore block is back
on the market for licensing, the petroleum ministry said on
Thursday, three days after BP agreed to a $29.3 million
settlement for failing to meet it's drilling obligations there.
The British oil major violated its licence agreement by
failing to drill a well before the initial exploration period
expired on July 29, but Tuesday's settlement fulfilled its
outstanding obligations, the petroleum ministry said in a
statement.
Contacted by Reuters on Friday, BP had no immediate comment.
"The A1 Block will revert to government free of all
encumbrances," the statement said. "With BP's exit, the A1 Block
will now be on the market for licensing."
BP was awarded the block's exploration rights in 2019, after
Gambian authorities stripped the concession from its previous
holder for also failing to meet certain obligations before the
exploration period expired.
(Reporting by Cooper Inveen; additional reporting by Shadia
Nasralla in London; editing by Barbara Lewis)
