French oil major Total has signed an agreement with Guinea’s national oil company, ONAP, to carry out seismic mapping of deep and ultra deep offshore blocks with an option to acquire three of them, according to a report by Reuters and other news outlets citing a statement released by ONAP on Friday.
According to the statement, Total will have one year to carry out a first evaluation of the blocks and will share the results with ONAP.
“At the end of this period, the group will have the possibility of subscribing to three blocks for an exploration program in conformity with the Guinean petroleum code and the terms of the agreement,” the ONAP statement said.
Already active offshore the West African country is Hyperdynamics, who has held acreage in Guinea for over a decade. The US company recently drilled the Fatala-1 without encountering significant hydrocarbons. HyperD is still keen on Guinea’s potential however, and has notified the government that it will be seeking a two-year appraisal period allowable under its PSC.