Bissau Exploration Company, a wholly owned subsidiary of UK based GeoPartners, has announced the signing a joint venture participation agreement between themselves and A Empresa Nacional de Pesquisa e Exploracao Petroliferas (Petroguin) for petroleum exploration, development and production in Block 4B, offshore Guinea Bissau.
Bissau Exploration has been established specifically to assist Petroguin in accelerating the development of its hydrocarbon resources. The new partnership model, working alongside the national oil company, creates a collaborative and transparent setting for all current and future stakeholders to maximize the value created through successful exploration and the ultimate development of oil and gas in Guinea Bissau.
Bissau Exploration has a 90% equity stake in Block 4B and Petroguin has a 10% carried interest.
Source: Bissau Exploration Company