Bissau Exploration Company has signed a joint venture participation agreement with the national oil company Petroguin for petroleum exploration, development, and production in the area of Block 4B, offshore Guinea-Bissau, Petroleum Africa reported.

Bissau Exploration is a wholly owned subsidiary of GeoPartners Limited of the UK, and has been established specifically to assist the national oil company in accelerating the development of its hydrocarbon resources, Upstream Online stated.

Bissau Exploration Company explained that 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.

Bissau Exploration’s first asset is Block 4B, in which the company holds 80% equity stake and Petroguin holds a 20% carried interest.

In April, FAR and its partner Svenska Petroleum Exploration have completed negotiations with Petroguin, the national oil company of Guinea-Bissau, on revisions to the terms of the offshore Sinapa and Esperanca licenses.