China National Offshore Oil Corp. (CNOOC), has acquired 55, 55% stake in Australian group FAR Limited in the oil licenses of the two blocks (Sinapa and Esperanca), located off the Guinea Bissau coast.
In a press release on Wednesday, August 7, the Australian group FAR Limited, said it approved the request to transfer the stake.
According to the same source, « the acquisition concerns licenses held by the Swedish Svenska Petroleum Exploration GB, whose shares will be reduced to 23.03% in favor of the subsidiary of the Chinese group in Africa, which becomes the majority shareholder of the project. « .
After the drilling period, the Chinese company could become the operator of the joint venture, said the document.
FAR Executive Director Cath Norman said that CNOOC’s entry into the first phase of exploration reflects the importance that oil companies place on explorations in Guinea Bissau (UK).
For the record, Svenska Petroleum operates three offshore blocks in the UK, with reserves estimated at 954 million barrels of oil equivalent.