Well management specialist Exceed has secured a $4 million contract from Swedish operator Svenska Petroleum Exploration to drill the first deep-water well off the Coast of Guinea Bissau.
The year-long contract will allow Exceed, assisted by Svenska, to execute the well, along with front-end engineering planning, management for health safety and environment and logistical support.
Svenska operates three offshore blocks in Guinea Bissau, with total prospective resources estimated at 954 million barrels of oil equivalent.
According to Head of Exceed, Al Brockie, as the first deep water well to be drilled offshore in this area, the contract win illustrates Exceed’s unparalleled reputation for deep water project management services in the West African region.
Last year, Exceed won contracts with a total value of more than $23.6 million in West Africa. The company will deliver a full range of services offshore The Gambia for an upcoming exploration campaign, and for a Norwegian operator drilling offshore Ghana.
Guinea Bissau ranks among the most indebted and poorest countries in the world, 178th out of 188 countries, according to the 2016 Human Development Index.
The country, which has suffered from the decline in cashew nut production, one of its main crops, is relying on the support of the International Monetary Fund to reduce its budget deficit to below 3% of GDP. New oil discoveries could revamp the ailing economy.