Bissau Exploration Company has signed a joint venture participation agreement with the national oil company Petroguin for petroleum exploration, development and production in the area of Block 4B, offshore Guinea-Bissau.
Bissau Exploration is a wholly owned subsidiary of GeoPartners Limited of the UK, and has been established specifically to assist the national oil company 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 Company explained.