Economy - The Gambian government on Monday cancelled licences granted to three companies engaged in petroleum exploration, development and production, citing their inability to meet obligations mapped out in the licences.
A statement from the Gambian Presidency, received here by PANA, named the three companies as African Petroleum Gambia Limited, Buried Hill Gambia B.V and Oranto Petroleum Limited.
“These licences have been terminated with immediate effect. The Gambia government will not allow any institution to acquire licences only to keep them for speculation,' the statement noted, adding 'In our bid to harness our natural resources for the benefit of Gambians, we are not going to deal with speculators.'
The statement added that the government was acting in line with the petroleum laws of the Gambia.