Oil and Natural Gas in Guinea-Bissau

Oil and Natural Gas

In March 2002, U.K.-independent Premier Oil plc announced the results of its first exploratory well on the Sinapa prospect (Block 2) offshore Guinea-Bissau. The Sinapa-1 exploratory well has been designated plugged and abandoned with oil shows. Despite the disappointing results, Premier Oil plans to retain its acreage in Guinea-Bissau, and is in the process of reviewing seismic data on its holdings. In addition, Premier Oil planned to drill exploration wells, Eirozes and Espinafre, towards the end of 2006. The national oil company of Guinea-Bissau, Petroguin, is planning to offer the country's new deep-water acreage to prospective investors. Exploration activity in the region has sparked interest in the remaining 11 offshore blocks.

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