{"id":10934,"date":"2021-09-28T18:07:54","date_gmt":"2021-09-28T18:07:54","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10934"},"modified":"2021-09-28T18:30:34","modified_gmt":"2021-09-28T18:30:34","slug":"guinea-bissau-independent-ep-companies-iocs-unlock-prospective-offshore-msgbc-acreage","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/guinea-bissau-independent-ep-companies-iocs-unlock-prospective-offshore-msgbc-acreage\/","title":{"rendered":"GUINEA BISSAU: Independent E&#038;P Companies, IOC\u00b4s Unlock Prospective Offshore MSGBC Acreage"},"content":{"rendered":"<p><strong>By Miguel\u00a0Artacho, Field Editor<\/strong><\/p>\n<p>Oil and gas investors with an interest in Africa have made significant investments in some of the countries of the MSGBC Basin \u2013 which comprise\u00a0<strong>Mauritania, Senegal, Gambia, Guinea-Bissau and Guinea-Conakry<\/strong>\u00a0\u2013 such as Senegal and Mauritania, where the world-class Grand Tortue Ahmeyim (GTA) gas project currently underway has made many headlines. Although Guinea Bissau has not yet received the same level of attention from investors, its offshore areas hold good prospects for a variety of independent exploration and production (E&amp;P) companies as well as International Oil Companies (IOCs) that are currently operating throughout the MSGBC Basin.<\/p>\n<p>Guinea Bissau has overcome a difficult 2020-2021 due to the COVID-19 pandemic and has seen an uptick in economic growth this year that is expected to accelerate further over the course of 2022. Analysts at the Economist Intelligence Unit \u00a0are predicting real GDP growth of 2.5% in 2021 and 3.4% in 2022, in line with improving sentiment and rising exports of major cash crops like cashews as economic conditions in the country continue to improve.<\/p>\n<p>The economy of Guinea Bissau is largely based on agriculture and the production and exportation of cashew nuts \u2013 Guinea Bissau is the world\u00b4s fifth- largest producer of cashews \u2013 and also exports significant amounts of fish and shrimp. The mining industry is well-developed with an estimated 25% of global bauxite reserves, and some rare earths elements are estimated in the country\u2019s sub-soil. But it is the oil and gas sector that truly heralds the potential transformation of Guinea Bissau\u00b4s economy over the next few years.<\/p>\n<p>Offshore deposits of oil have been discovered and several companies are already settled in-country for prospecting and production including China\u00b4s CNOOC, Swedish Svenska Petroleum Exploration, and Australian FAR LTD \u2013 which is also present in The Gambia and Senegal. E&amp;P activities are conducted in partnership with Petroguin EP, the national oil and gas company of Guinea Bissau.<\/p>\n<p>As in several other countries that make up the MSGBC Basin, Guinea Bissau has some highly prospective offshore acreage. In November of 2020, the independent oil and gas company PetroNor completed a purchase of acreage from SPE Guinea Bissau AB, a subsidiary of Swedish oil and gas company Svenska Petroleum.<\/p>\n<p>The Norwegian company PetroNor E&amp;P noted\u00a0recently in\u00a0<em>Offshore Energy\u00a0<\/em>that the purchase entitles it to assume the operatorship and interest of 78.75% of the Sinapa (Block2) and Esperanca (Blocks 4A and 5A). The contiguous Sinapa and Esperanca permits are located within the Casamance salt sub-basin offshore Guinea-Bissau. PetroNor CEO, Knut Sovold, said: \u201cThis is a key strategic addition to PetroNor\u00b4s portfolio building in this highly attractive exploration trend. Along with the reinstated A4 license in The Gambia and our acreage in Senegal, the equity available to potential farming out is a highly attractive material opportunity. PetroNor is continuing its work to bring in partners to fund a drilling campaign across all assets in the next few years.\u201d The Atum and the Anchova prospects in the deeper waters of the western part of the licensed area are currently the main drilling targets. They are analogous to the world-class Sangomar field in Senegal. The prospects are \u2018drill ready,\u2019 benefitting from technical work delivered to date by Svenska Petroleum Exploration and partner FAR Ltd.<\/p>\n<p>Speaking to\u00a0<strong><em>The Energy Voice<\/em><\/strong>\u00a0PetroNor has noted that the area is one that is due to see some potentially transformative exploration drilling in the near future. Oil has already been discovered in the shallower waters of Guinea Bissau. Sovold believes that going into the deeper waters should provide scope for larger finds that will be commercially viable. \u201cThe Guinea Bissau move fits well with PetroNor\u00b4s portfolio. We\u00b4re a small E&amp;P company with growth ambitions. That comes from organic growth in Congo Brazzaville, development in Nigeria and longer-term exploration in the MSGBC licenses. We want to have a large portfolio with multiple opportunities, rather than just a large interest in a single asset.\u201d<\/p>\n<p>In April, 2021\u00a0<strong><em>Offshore Magazine<\/em><\/strong>\u00a0reported that the AGC Authority, (<em>Agence de Gestion et de Cooperation entre Le Senegal et La Guinee Bissau<\/em>) invited bids for the AGC Shallow block 100km offshore the city of Bissau, in northwest Africa. According to MGGS and GeoPartners, which are supporting the promotion, the block contains the Domes Flore and Gea discoveries and the exploration prospect. Early wells in shallow reservoirs overlying the salt induced domes at Flore and Gea have proven oil volumes. The AGC Authority, is seeking\u00a0initiatives to commercialize this oil, some of which flowed during testing, and is inviting offers for a future work program from interested parties that have studied all the previous data and which can demonstrate competence to operate offshore.<\/p>\n<p>But looking beyond the oil and gas sector, as reported in, it is not just hydrocarbons that hold the key to unlocking higher levels of growth and attracting new FDI. Renewable energy sources are also a particularly fertile terrain for companies looking to capitalize upon the many opportunities that are set to arise over the course of the coming energy transformation throughout sub-Saharan Africa. Guinea Bissau is especially promising for those interested in investing in solar power plants and hydroelectric power generation projects. Recently, China\u00b4s Sinohydro began the construction of one of the first large scale solar plants, with the purpose of selling power to the national utility Electricity of Guinea Bissau, under a long-term contract, which will triple the national utility company\u00b4s power generation capacity. Currently, there are an estimated 11MW of installed power generation capacity. Thus, Guinea Bissau has tremendous potential \u00a0for growth in hydropower, since much of the country does not have access to sufficient amounts of electricity. New renewable energy projects could also help the country put in place an energy mix that will support Guinea Bissau\u00b4s rural electrification programs and the continuing fight against energy poverty.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Miguel\u00a0Artacho, Field Editor Oil and gas investors with an interest in Africa have made significant investments in some of the countries of the MSGBC Basin \u2013 which comprise\u00a0Mauritania, Senegal, &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/guinea-bissau-independent-ep-companies-iocs-unlock-prospective-offshore-msgbc-acreage\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[8679,6802,476,8413,869,950,9640,1054,9639,1535,8641,9641,9643,7577,2283,8412,9642],"class_list":["post-10934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-anchova","tag-atum","tag-cnooc","tag-esperanca","tag-far-ltd","tag-gambia","tag-grand-tortue-ahmeyim","tag-guinea-bissau","tag-guinea-conakry","tag-mauritania","tag-msgbc-basin","tag-petroguin-ep","tag-petronor-ep","tag-sangomar","tag-senegal","tag-sinapa","tag-svenska-petroleum-exploration","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Equitorial-Guinea-Oil.jpg?fit=512%2C335&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2Qm","jetpack-related-posts":[{"id":8350,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tgs-completes-vast-jaan-3d-seismic-program-offshore-nw-africa\/","url_meta":{"origin":10934,"position":0},"title":"TGS Completes Vast Jaan 3D Seismic Program Offshore NW Africa","author":"","date":"June 16, 2020","format":false,"excerpt":"TGS, has announced the completion of its flagship Jaan 3D seismic survey covering the MSGBC Basin in NW Africa acquired in partnership with PGS and GeoPartners. Comprising over 28,000 square kilometers, this vast survey spanning offshore Senegal, The Gambia, AGC and Guinea-Bissau has been specifically designed to map the Cretaceous\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Jaan-3D-Data-Coverage-TGS.jpg?fit=590%2C375&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Jaan-3D-Data-Coverage-TGS.jpg?fit=590%2C375&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Jaan-3D-Data-Coverage-TGS.jpg?fit=590%2C375&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10729,"url":"https:\/\/www.oilnewskenya.com\/index.php\/oil-gas-companies-are-failing-to-capitalize-on-msgbc-basins-huge-gas-discoveries-globaldata\/","url_meta":{"origin":10934,"position":1},"title":"Oil &#038; Gas companies are Failing to Capitalize on MSGBC Basin\u2019s Huge Gas Discoveries &#8211; GlobalData","author":"","date":"August 12, 2021","format":false,"excerpt":"Two major gas discoveries have been made in the MSGBC Basin; however, oil and gas companies so far have failed to capitalize on these significant resources, and it could be quite some time until we see an intention to develop them, says GlobalData. One reason for the lack of movement\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/sangomar-fpso.jpg?fit=1200%2C686&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/sangomar-fpso.jpg?fit=1200%2C686&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/sangomar-fpso.jpg?fit=1200%2C686&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/sangomar-fpso.jpg?fit=1200%2C686&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/sangomar-fpso.jpg?fit=1200%2C686&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":8426,"url":"https:\/\/www.oilnewskenya.com\/index.php\/far-signs-new-joint-operating-agreements-for-gambian-asset\/","url_meta":{"origin":10934,"position":2},"title":"FAR signs new Joint Operating Agreements for Gambian asset","author":"","date":"June 25, 2020","format":false,"excerpt":"FAR Gambia Ltd, a wholly owned subsidiary of FAR Ltd, has signed new Joint Operating Agreements (\u201cJOA\u2019s\u201d) in respect of the A2 and A5 Blocks in The Republic of The Gambia, with PC Gambia Ltd (a subsidiary of Petroliam Nasional Berhad, PETRONAS). This follows the granting of new Licences for\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Gambia-Block-A2-and-A5.jpg?fit=318%2C355&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10446,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gambia-far-drilling-of-bambo-1-well-on-target-for-q4\/","url_meta":{"origin":10934,"position":3},"title":"Gambia: FAR drilling of Bambo-1 well on target for Q4","author":"","date":"June 17, 2021","format":false,"excerpt":"FAR Limited has locked in the timetable for drilling the Bambo-1 well offshore The Gambia by executing a contract with Stena Drillmax Ice Limited to commence drilling operations in Q4 of this year. The Bambo-1 well in Block A2 offshore The Gambia, is designed to drill into 3 prospects with\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12670,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-signs-mou-with-morocco-west-african-countries-for-25-billion-gas-pipeline\/","url_meta":{"origin":10934,"position":4},"title":"Nigeria signs MoU with Morocco &#038; West African countries for $25 billion gas pipeline","author":"","date":"September 19, 2022","format":false,"excerpt":"A Memorandum of Understanding was signed tlast week between the Economic Community of West African States \u201cECOWAS\u201d, represented by Mr. Sediko Douka, Commissioner of Infrastructure, Energy and Digitalization, the Federal Republic of Nigeria, represented by Mallam Mele Kolo Kyari, Group Chief Executive Officer of the National Nigerian Petroleum Company Limited\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/04\/Nigeria-Morocco-Gas-Pipeline.png?fit=497%2C552&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13775,"url":"https:\/\/www.oilnewskenya.com\/index.php\/grand-tortue-ahmeiym-gta-phase-2-sets-the-stage-for-energy-development-in-senegal-mauritania\/","url_meta":{"origin":10934,"position":5},"title":"Grand Tortue Ahmeiym GTA Phase 2 Sets the Stage for Energy Development in Senegal &#038; Mauritania","author":"","date":"July 6, 2023","format":false,"excerpt":"As the first phase of the Grand Tortue Ahmeyim (GTA) gas project reaches 90% completion, and first gas targeted for the end of fourth-quarter of 2023, Mauritania and Senegal are already looking ahead to the next stage, which is expected to commence between 2024 and 2025.According to Lehbib Khroumbaly, Advisor\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/GTA-FPSO.jpg?fit=750%2C500&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/GTA-FPSO.jpg?fit=750%2C500&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/GTA-FPSO.jpg?fit=750%2C500&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/GTA-FPSO.jpg?fit=750%2C500&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10934"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10934\/revisions"}],"predecessor-version":[{"id":10935,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10934\/revisions\/10935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8412"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}