Oil prospecting in Guinea Bissau moves ahead at “good rate” in nine offshore blocks

25 November 2009

Bissau, Guinea Bissau, 25 Nov – Oil prospecting is moving ahead at a “good rate” in nine of the 14 oil blocks that make up the Guinea Bissau sea to determine if there is oil of a commercial value, a source from state oil company Petroguin said Tuesday in Bissau.

Speaking to Portuguese news agency Lusa, the source said that the government of Guinea Bissau had granted nine prospecting licenses and that since 2007 surveys and analyses of the data gathered had been carried out by experts from the four companies that acquired the licenses.

Currently the following companies are prospecting for oil in the sea off Guinea Bissau: Svenska, SER Petroleum, Super Nova and Sociedade de Hidrocarbonetos de Angola (SHA).

US company General Petroleum Africa has already received its license to prospect in two blocks, but is still waiting for Guinean president Malam Bacai Sanhá to sign off the decree to validate the contract.

Dexoil S.A. holds a license that is awaiting a decision from the Guinean President to start prospecting.

In October 2008, the Guinea Bissau government signed an onshore oil and gas prospecting contract for the Boé region (east), with Roxwell Oil & Gas Limited, but so far the company has not started prospecting. (macauhub)