Oil reserves in block in Guinea Bissau bigger than expected

3 January 2014

A study by French consultancy Beicip-Franlab, ordered by CAP Energy, has found that oil reserves in block 5 (Becuda), in Guinea Bissau’s offshore area, are bigger than initially expected.

Atlantic Petroleum Guinea-Bissau Limited, a subsidiary of Trace Atlantic Oil, owns 65 percent of the block, which has an area of 5,500 square kilometres, whilst CAP has 30 percent of the block.

The study by Beicip-Franlab, which is a subsidiary of the French Oil Institute, “confirmed not only the potential [of two blocks], but also the fact that it is greater than expected,” the company said in a market statement.

CAP Energy is prospecting for oil in blocks 1 (Corvina) and 5B (Becuda) off the coast of Guinea Bissau in partnership with Atlantic Petroleum Guinea-Bissau Limited.

The French company’s interpretation “provides a quantification of the estimated resources in block 1 based on the geological history and geophysical information, including regional information on the wells.” (macauhub)