05 June 2012, Sweetcrude, LAGOS - Nigerian owned oil and gas company, CAMAC Energy, has signed two new exploration deals in Kenya and Gambia, allowing the company to explore the two nations for oil. The deal will also provide training and skills development and scholarships for citizens in those countries.
CAMAC will hold 90 percent of the interest in the Kenyan deal, with the remainder going back to Kenya. It holds 100 percent of the Gambian deal, but Gambia can elect to participate in up to 15 percent of the interest if the development and production plan is approved.
“Signing the PSCs for these four blocks in Kenya represents a milestone in CAMAC Energy’s strategy to acquire highly prospective exploration acreage in targeted oil and gas basins in Africa,” said Segun Omidele, Senior Vice President, Exploration and Production for CAMAC. “Moving forward, the Company will focus on unlocking the value from these assets as well as our positions in West Africa, as we continue to pursue additional opportunities to add to our exploration portfolio in both East and West Africa.”
Gambian President Yahya Jammeh said he is honored that CAMAC chose to work with his country. “For us to ensure development, we should have reliable and affordable energy. In eradicating poverty, reliable and affordable energy is indispensable,” said Jammeh.
Dr. Kase Lawal, the Chairman and CEO of CAMAC Energy, expressed similar sentiments. “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,” said Lawal. “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.”
According to the chairman, this isn’t the first time CAMAC has established these types of programs. “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,” he said.