Guinea Bissau: Concession negotiations on all Guinean oil blocs “practically concluded,” minister says

6 October 2008

Lisbon, Portugal, 6 Oct – Negotiations for the concession of the 14 oil blocs available for prospecting and potential exploration in the offshore area of Guinea Bissau are practically concluded, the Guinean natural resources minister said Saturday in Lisbon.

In an interview with Portuguese news agency Lusa, Soares Sambu said that just three companies – Angola’s SHA, Australia’s Sphere Petroleum and Dutch company Blue Water Super Nova – had presented proposals for the international tender.

Sambu noted that the oil process was still at the prospecting stage and he could therefore not provide any information about the capacity of the bloc or their inherent benefits.

Sambu said that results had been “commercially encouraging” but declined to say when the country might benefit from profits from oil exploration, despite noting that US$600,000 had already been netted for the treasury from contract signing bonuses.

The minister also said that the government had given instructions to start “aeromagnetic surveys” to sweep the entire Guinean mainland for oil. (macauhub)