Gulf Oil and Gas accountACCOUNT

Genoil Moves into the MSGBC Basin

Source: www.gulfoilandgas.com 2/12/2018, Location: Africa

Genoil signed an agreement with CAP Energy to develop oil fields in the MSGBC Basin (Mauritania, Senegal, The Gambia, Guinea Bissau and Guinea Conakry). The project on the North West African Atlantic Margin (NWAAM) is Genoil’s first venture in Africa.

Under the agreement, Genoil will work with CAP Energy, leveraging both their complementary strengths and resources, to develop assets including current oil exploration licenses, as well as exploring opportunities for Genoil’s advanced Hydroconversion Upgrader (GHU) desulphurization technology. The GHU converts heavy or sour crude oil into much more valuable, compliant low sulfur oil, at the fraction of the cost of traditional refining processes.

Genoil will also be initiating investment and development opportunities in the region through its international partnership with the China Development Bank and Chinese oil industry.

CAP Energy is focused on the exploration, development and production of conventional hydrocarbons in sub-Saharan Africa. The company has a range of offshore interests in Guinea Bissau and Senegal. In Guinea Bissau CAP Energy is licensed to explore and develop blocks with estimated total prospective resources (Pmean) exceeding 10 billion barrels.

Bruce Abbott, Chief Operating Officer, Genoil, commented: “The MSGBC Basin is about one-third of the size of the Gulf of Mexico. More than half of the existing wells are in depths of only 100 metres which facilitates ease of exploration. There is huge potential in the region which is evidenced by the discoveries by Kosmos Energy and Cairn Energy, the latter being adjacent to blocks licensed to CAP Energy. We will be working with CAP and our Chinese partners to both maximise opportunities for our GHU low sulphur technology and provide the investment required to develop these exciting prospects.”

For more information about related Opportunities and Key Players visit West Africa Projects

Acquisitions and Divestitures News in Mauritania >>

Iraq >>  1/21/2019 - Genel Energy plc has reached agreement to acquire stakes in the Chevron operated Sarta and Qara Dagh blocks, in the Kurdistan Region of Iraq. ...
Indonesia >>  1/20/2019 - Indonesia’s state-owned energy company, Pertamina, expects to sign a production sharing contract for the Rokan oil block this month, a company directo...

Norway >>  1/18/2019 - INPEX CORPORATION (INPEX) has announced that through its subsidiary INPEX Norge AS, it has been awarded exploration licenses PL1027 located in the wes...
Norway >>  1/16/2019 - Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in Norway and the UK...

Norway >>  1/16/2019 - Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK,...
Norway >>  1/15/2019 - DNO, the Norwegian oil and gas operator, has announced that its wholly-owned subsidiary DNO Norge has been awarded participation in 18 exploration lic...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Mauritania Oil & Gas 1 >>  2 | 3 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.