PetroNor Acquires Offshore Assets in Guinea Bissau

Share:

November 20, 2020
Credit: PetroNor

Credit: PetroNor

Oslo-listed oil and gas company PetroNor has acquired SPE Guinea Bissau AB, a Guinea Bissau subsidiary of Sweden-based Svenska Petroleum. 

The acquisition entitles sub-Saharan Africa focused PetroNor to become the operator of the Sinapa (Block 2) and Esperanca (Blocks 4A and 5A) licenses offshore Guinea Bissau subject to Government approval. The company will have an equity interest of 78.57% in the two blocks.

PetroNor said the licenses have been extended for 3 years and are valid until October 2, 2023 "maintaining the same attractive fiscal terms."

The company said that the transaction was aligned with its strategy to grow position "in this highly prospective trend that continues
to be a hotspot for exploration activity."

The assets contain the Atum and Anchova prospects which are said to be analogous to the "world-class" Sangomar field in Senegal. The two prospects are estimated to contain net combined P50 recoverable prospective resources of 568 mmbo (PDC 2019 CPR for SPE).

"The prospects are ‘drill ready’, benefitting from significant technical work delivered to date by Svenska Petroleum Exploration (SPE) and partner FAR Ltd," PetroNor said.

PetroNor further said it was starting a review of rig market with a view to starting drilling activity in 2021/22.

Commenting on the transaction, PetroNor CEO Knut Søvold said: "This is a key strategic addition to PetroNor's 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 farminees 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." 

Commercial terms of the transaction were not disclosed.

No comments

More Popular Posts

About Crude Oil Facilitators

Crude Oil Facilitators are dedicated global brokers and facilitators of crude oil buying and selling. We work directly with crude oil buyers and crude oil sellers worldwide. We are a United Kingdom and Nigerian based firm, privately owned and devoted to the brokering of crude oil and other petroleum products buying and selling.

We have buyers and sellers of;

1. Nigerian Bonny Light Crude Oil, BLCO

2. D2 Diesel Fuel, JP54 Jet Fuel, Mazut etc.

3. Saudi Light Crude Oil, SLCO

4. Iraqi Light Crude Oil

If you are a buyer or seller of crude oil or other petroleum products or have mandate to buy or sell any of the above oil products, do contact us because we could be of help.

To contact Crude Oil Facilitators, click here ». To learn more about Crude Oil Facilitators, click here


Crude Oil Facilitators