KEYFACT Energy
Contacts
GeoPartners Ltd
29 Farm Street
Mayfair
London
W1J 5RL
Tel: +44 (0) 20 3178 5334
Bissau Exploration
Description
Bissau Exploration Co., a wholly owned subsidiary of GeoPartners Ltd of the UK, has been established specifically to assist Petroguin, the national oil company of Guinea Bissau, in accelerating the development of its hydrocarbon resources.
The company believes that through the application of leading edge geophysical technologies with quantitative interpretation and subsurface modelling techniques, combined with a good understanding of the active petroleum systems, it can enhance business opportunities along the newly established play fairway.
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’s first asset is Block 4B: the company has an 90% equity stake and Petroguin have a 10% carried interest.
BEC and PetroGuin
BEC’s personnel have over several decades developed a close working relationship with PetroGuin and through the parent company, Geopartners, they have been instrumental in enabling 2D and 3D seismic programmes to be shot across offshore Guinea Bissau. Over the last few years, BEC and PetroGuin have developed a new, unique business model to tackle exploration in block 4B. Under the standard PSC contractual terms, PetroGuin receive a 10% carried interest through exploration. In block 4B, however, PetroGuin also benefits from BEC’s technical efforts and shares in any payments made by a third party upon entering the licence.
GeoPartners Ltd is an international geophysical consultancy founded in 2009 and operating from its headquarters in London’s Mayfair. The company specialises in the creation, acquisition, marketing and financing of Multi-Client Projects and over thirty such projects have been completed to date.