Via Atlantic Energy

Areas of Operations

Via Atlantic Energy will operate worldwide, with a focus on the Middle East, West Africa, and North Africa. Initial efforts will focus on the Egypt, Libya, and Guinea Bissau.

Guinea Bissau Overview

Guinea-Bissau's downstream oil industry is wholly dependent on refined petroleum products imported from neighbouring countries. Oil-derived products supply 95% of the country's commercial energy needs.
The industry is regulated by the Ministry of Natural Resources and Industry. The national oil company of Guinea Bissau is PetroGuin (previously Petrominas).
There has been active exploration offshore Guinea-Bissau since the late 1960's when Esso drilled six wells. In 1974, Guinea-Bissau gained its independence from Portugal and since then exploration has been frequently affected by civil unrest. Offshore exploration has been hampered by a boundary dispute with Senegal, which was not resolved until 1993.
There have been intermittent drives to promote the offshore and a number of international companies have been involved in offshore exploration during the last 40 years. Amongst them number Esso, Elf, Pecten, Lasmo, Sipetrol of Chile, West Oil, Sterling Energy, Benton Oil and Gas and Petrobank Energy and Resources.
Under an agreement signed in 1995, the area of the border dispute with Senegal, which contains the Dome Flore and Dome Gea discoveries, is now jointly managed by both Senegal and Guinea-Bissau through the Agence de Gestion et de Cooperation entre la Guinee-Bissau et le Senegal (AGC). Under the terms of this agreement, the proceeds from activity in the joint exploration area area are divided between Senegal and Guinea-Bissau in an 85:15 ratio.
The Guinea-Bissau permits are situated in shallow waters of the Casamance-Bissau sub-basin within a Mesozoic-Cenozoic depocentre. Live oil recoveries from several wells drilled within the permits, and their proximity to the heavy oil accumulations at Dome Flore and Gea, support the existence of a working hydrocarbon kitchen highlighting the oil prospectivity of the Sinapa and Esperanca permits.