Market Report: FAR Limited to Withdraw from Offshore Blocks in Guinea-Bissau
FAR has provided its notice of withdrawal to the Government of Guinea-Bissau and operator Petronor under the relevant agreements.
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FAR has provided its notice of withdrawal to the Government of Guinea-Bissau and operator Petronor under the relevant agreements.
The financial package will be directed towards infrastructure, budget and governance.
Significant energy shortages have led to the west-African nation exploring renewable energy solutions.
Guinea-Bissau is undoubtedly one of Africa’s richest countries when it comes to natural resource endowment.
The Government of Guinea Bissau and Petroguin are eager to position the country as an important player in the MSGBC Basin.
Growing FDI into Guinea-Bissau’s strategic mining sector is boosting export capabilities and supporting strong real GDP growth.
The agreement gives Silwana Diamond the right to explore and extract oil from oil fields in Guinea-Bissau’s Areas 4 and 5.
Offshore exploration might be the future of the energy sector in Guinea Bissau, with various projects underway to expand the country’s oil and gas sector.
First oil from Senegal’s Sangomar Field could drive an exploration resurgence in the region, along with new gas-to-power and refining projects.
From oil and gas to renewable energy to mineral resources and infrastructure, the MSGBC region holds promising opportunities for capital and technology providers.