Oct 2017: Total and the National Office of Petroleum of Guinea (ONAP) have signed a technical evaluation agreement to study a deepwater offshore area of approximately 55,000 sq kms in an extension of the Mauritania/Senegal basin. The recently drilled Hyperdynamics-operated Fatala-1 exploration well did not encounter hydrocarbons.
Jul 2017: Hyperdynamics (operator) and South Atlantic Petroleum will be given 2 years for appraisal work in the event of an oil discovery in the offshore Fatala-1 well which is to be spudded in August.
Jun 2017: Guinea has launched its first offshore licensing round. It will be open for 6 months from October 2017 with awards expected by October 2018. Companies will be able to submit bids on all open blocks.
Jan 2016: Hyperdynamics (37%) says that there will be no resumption of offshore petroleum operations by farm-in operator, Tullow (40%) and Dana (23%). In August 2015, Tullow presented a work program to complete a well before the September 2016 PSC deadline. However both companies have concerns that Hyperdynamics could lose the title provided by the PSC.
No significant news in 2015.
No significant news in 2014.
Aug 2013: Tullow has notified the Republic of Guinea of its intent to extend its Second Exploration Period on an offshore block for an additional 3 years through to 2016 and plans to spud a deep water exploration well, Sabu-1, in the first quarter of 2014. Tullow, the operator, holds 40% along with Hyperdynamics (37%) and Dana (23%).
Feb 2013: Simba Energy has identified 3 significant seeps during its initial phase of exploration work on Blocks 1 & 2 in the onshore Bove Basin. A site visit in 2012 confirmed a number of known seep areas within Block 2 from Palaeozoic rocks. The Company is planning a geochemical survey within Block 1.
Nov 2012: Guinea plans a new oil code by the middle of 2013 and will then invite companies to explore in 22 offshore blocks after the discovery of oil off Ghana has increased interest in the region. It has not yet been decided whether the invitation will be through an auction process or direct company negotiations. Guinea is the world's top bauxite exporter and has large iron ore deposits, adopting a new mining code in 2011.