UPDATE ON OIL AND GAS LICENCING INITIATIVE
The SADR government announced the commencement of an Oil and Gas licensing round on 17 May 2005. This offering of exploration licenses is the first international competitive licensing round arranged by the SADR Government, and follows a period of consultation with industry. The licensing initiative has been arranged in accordance with industry standards and the principles of international law, including general UN guidelines and, in particular, with the specific UN legal opinion regarding commercial activities in Western Sahara (12 February 2002).
The SADR government is pleased to announce that it has now received multiple applications from a number of international companies. The SADR government is currently evaluating these submissions with a view to inviting successful bidders to enter negotiations.
The potential for oil and gas in the territory of the SADR is significant, as demonstrated by recent discoveries along the Atlantic coastline of Africa, and particularly in neighbouring Mauritania. This licence offering has been undertaken to allow international companies to participate with the SADR authorities in the exploration of our offshore territory, and has been initiated in preparation for the full recovery of all of the SADR’s territory and the completion of the UN decolonisation process in our country.
1 November 2005