PetroNor Intensifies Its Expansion in Oil and Gas Exploration in Africa.

Written by Paulo Nogueira

Published on 02/01/2024 at 08:51

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PetroNor E&P ASA Confirms Farm-Out Transaction with Apus Energy DMCC in Guinea-Bissau, Strengthening Its Holdings.

PetroNor E&P ASA has confirmed the partnership with Apus Energy DMCC for the acquisition of offshore exploration licenses in Guinea-Bissau and guaranteed license for PNGF Bis in Congo.

During the Christmas holiday period, Apus Energy began the payment of US$ 23 million for previous license costs and long-term items acquired for drilling as part of the farm-out agreement made by the companies in June 2023.

PetroNor, the oil and gas company, finalized the farm-out transaction in Guinea-Bissau with Apus Energy DMCC for offshore exploration licenses in Guinea-Bissau and guaranteed license for PNGF Bis in Congo.

ARTICLE CONTINUES BELOW

The Government of Guinea-Bissau Approves Transfer of Interests in Licenses to Apus

The oil and gas company PetroNor has been in the spotlight recently, with the Government of Guinea-Bissau approving the transfer of interests in the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses to Apus in October 2023. PetroNor continues to expand its operations and partnerships in the region, consolidating its position as one of the leading companies in the sector.

A well is expected to be drilled to test the Atum-1 prospect during the second quarter of 2024, marking a significant milestone for the company and its exploration activities. This moment is highly anticipated within the oil industry.

In the event of a successful well, PetroNor will receive two contingent payments of US$ 30 million each, depending on government approval of a field development plan and sustained production. These developments highlight PetroNor’s commitment to sustainable development and responsible practices in the energy sector.

Congo PNGF Bis Advances with Approval from the Council of Ministers

Another relevant news involving PetroNor is the approval by the Council of Ministers of the Republic of Congo on December 27, 2023, which met and approved a series of energy projects, including the concession of the license PNGF Bis to a contractor group led by Perenco as the operator and with PetroNor, represented through its Congolese subsidiary, Hemla E&P Congo, as a partner holding a net ownership of 22.7%.

This approval will pave the way for the signing of a production sharing agreement in early 2024, according to PetroNor. The partnership between PetroNor and other companies in the sector reinforces the company’s commitment to promoting collaboration and joint growth in its operations.

According to Jens Pace, interim CEO of PetroNor, ‘We are pleased that the farm-out of the Guinea-Bissau licenses will lead to the drilling of an important exploration well for Guinea-Bissau and the region. The completion of this transaction, along with the approval from the Congolese Council of Ministers regarding PNGF Bis, is a welcome way to end what has been a very successful year for PetroNor.’

PetroNor: Positive Balance and Expectations for the Future

The payment to Guinea-Bissau is a significant contribution to the company’s year-end balance, which is already strengthened by record oil production and sales. PetroNor continues to strengthen its position in the energy sector, seeking to progress in the development of the new license in Congo during 2024 with its partners. These recent advances demonstrate PetroNor’s ongoing commitment to sustainable growth and the development of new energy projects in the region.

In summary, PetroNor continues to achieve significant milestones in its operations, strengthening its partnerships and interests in key projects in the oil and gas sector. With a strong focus on sustainable development and responsible practices, the company is positioned for a promising future in the energy market. The year 2024 presents an opportunity for PetroNor to further consolidate its presence and impact in the energy sector.

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PetroNor Intensifies Its Expansion in Oil and Gas Exploration in Africa.

PetroNor E&P ASA Confirms Farm-Out Transaction with Apus Energy DMCC in Guinea-Bissau, Strengthening Its Holdings.

The Government of Guinea-Bissau Approves Transfer of Interests in Licenses to Apus

Congo PNGF Bis Advances with Approval from the Council of Ministers

PetroNor: Positive Balance and Expectations for the Future

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PetroNor Intensifies Its Expansion in Oil and Gas Exploration in Africa.

PetroNor E&P ASA Confirms Farm-Out Transaction with Apus Energy DMCC in Guinea-Bissau, Strengthening Its Holdings.

The Government of Guinea-Bissau Approves Transfer of Interests in Licenses to Apus

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