The UAE’s Silwana Diamond has revealed an oil exploration agreement with Ada Energy, ADA Based in Guinea-Bissau, represented by the National Petroleum Corporation Petrogen, granting concession rights to the UAE Company to explore and extract oil from oil fields in the two regions. (4 And the 5) In Guinea-Bissau, the oil reserves in these two regions are estimated at about 3 Billions of barrels of crude oil 37% from the area of Guinea-Bissau.
- The Emirati Company will extract one billion barrels in the first years, and its approximate value is estimated to be at about 250 billion Dirhams (68 billion US dollars). It will also produce Silwana Diamonds from the region more than 52 thousand barrels of oil per day, with an annual extraction rate of more than 19 million barrels.
- The agreement grants UAE’s Silwana Diamond concession rights in my area (4 And the 5). Their total area is 14.700. How many square meters? That is 37% of the total area of Guinea-Bissau, to carry out exploration and extraction of oil from these two regions and the marketing of petroleum products in the regional and global markets.
- “My area (4 And the 5) is the most important among the oil-rich areas of Guinea-Bissau, and under the agreement”. The share of Silwana Diamond 50% From oil reserves, where the Emirati company will work to produce 36 million barrels of oil annually from the two regions (4, And the 5), by 50 thousand barrels of oil per day from (Area 4), to reach annual extraction rates of more than 17 million barrels.
Oil price hike
Oil prices rose on Wednesday, while Brent crude rose for the fifth consecutive session, as sentiment improved on the back of falling inventories and a recovery in demand after the Covid-19 virus pandemic.
Brent crude rose 27 cents 0.35% to me 74.26 dollars per barrel at the moment of preparing the report, the highest level since April/April 2019. On the other hand, US West Texas Intermediate crude fell 0.22% i.e. about 16 cents to 71.95 dollars per barrel.