Bissau Exploration Co. (BEC) has signed a joint venture participation agreement between themselves and state oil firm A Empresa Nacional de Pesquisa e Exploracao Petroliferas (Petroguin) for petroleum exploration, development and production in the area of Block 4B, offshore Guinea Bissau, West Africa.
Bissau Exploration is a wholly owned subsidiary of GeoPartners of the UK, and 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.
Former Trap Oil exec Mark Groves Gidney is working for Bissau Exploration.