Oil companies operating in Guinea Bissau meet in Lisbon

17 August 2007

Bissau, Guinea Bissau, 17 Aug – Four oil companies operating in Guinea Bissau are due to meett in Lisbon on August 30 to prepare a future prospecting budget, the director general of Petroguin said Thursday in Bissau.

Speaking to Portuguese news agency Lusa, Leonardo Cardoso said that the meeting would be used to bring together Petroguin, of Guinea Bissau, Britain’s Premier Oil, and US companies Oxidental Petroleum (Oxy) and Esterling, both based in Houston, Texas.

Together, the four companies hold prospecting licenses for the Esperança and Sinapa, oil blocs located in Guinea Bissau’s offshore area.

According to Cardoso, the samples collected so far show “good prospects,” but oil of any commercial value has yet to be discovered.

The Lisbon meeting, the first to be held outside of Guinea Bissau, is aimed at preparing the budget for future operations and to analyze the technical parameters of the prospecting work carried out thus far, Cardoso said.

In total, the Guinean authorities have granted permission for prospecting in four oil blocs: Esperança, Sinapa, Caúdo and Golfinho, the latter two granted to the Larsen Oil & Gaz and GB Oil & Gaz consortium, based in Dubai.

Also according to Cardoso, “advanced negotiations” are underway between Petroguin, the representative of the Guinean state, and some foreign companies, including Angola’s SHA for granting further oil exploration licenses.

As well as SHA, Australia’s Sphere Petroleum, and Dutch company Super Nova, have also shown interest in buying prospecting licenses, Cardoso said.

Sweden’s Svenska and Israel’s Delek have also said they intend to acquire a stake in the licenses granted to the consortia that are already on the ground, he said.

Guinea Bissau recently signed an agreement with US company TerrAliance to carry out technical surveys at five blocs, the results of which are expected in six months.

Another similar agreement was also signed between Petroguin and a Norwegian company, Nordic Oil, to carry out delimitation surveys for potential onshore blocs. (macauhub)