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Silwana Diamond, ADA Energy to extract 3b barrels of oil in Guinea-Bissau

Dubai - The agreement grants concession rights to Silwana Diamond to explore and extract oil from oil fields in Areas (4 & 5) in the Guinea-Bissau.

The UAE firm Silwana Diamond has executed an agreement with ADA Energy in Guinea-Bissau to extract three billion barrels of oil. The Silwana Diamond Group has announced the execution of a strategic concession agreement for oil exploration with ADA Energy, located in the Guinea-Bissau and acting as a representative of the National Petroleum Corporation ‘Petrojeen’.

The agreement grants concession rights to Silwana Diamond to explore and extract oil from oil fields in Areas (4 & 5) in the Guinea-Bissau, where the oil reserves in these two areas are estimated at 3 billion barrels of crude oil. The Emirati company will obtain one billion barrels in the first years with a value of $70 billion.

The agreement was signed by Dr Firas Abu Hudeeb, chairman of the board of directors of the Emirati Company (Silwana Diamond), and Dr Mohamed Al Adeeb, chairman of the board of directors of Ada Business in Guinea-Bissau.

The event was attended by Franklin Rossetti Rodrigues, adviser of the president Guinea-Bissau and director of public relations; Sheikh Nasser bin Sultan bin Majid Al Qasimi, co-founder of Silwana Diamond, Danielson Gomez, director of the National Petroleum Corporation in Guinea-Bissau ‘Petrogen’ and Abdulaziz Al Adeeb, vice-president of Ada; Orlando Viagas, Minister of Natural Resources and Energy of the Republic of Guinea-Bissau; Teodoro Obiang, Minister of Natural Resources and Energy of the State of Equatorial Guinea, Saleh A; Zarooni, office manager of Sheikh Marwan bin Mohamed bin Rashid Al Maktoum, experts from global oil sector.

Silwana Diamond’s share is 50 per cent of the oil reserves as the UAE company will annually produce 36 million barrels of oil from Areas (4 and 5) at a rate of 50,000 barrels of oil per day from (Area 4) so that the rates of annual extraction are above 17 million barrels.

Abu Hudeeb stated that the Silwana Diamond Group owns the Silwana Infotech Company, which is the backbone of the group, and is specialised in ERP systems solutions, e-currency, mobile applications, web design, electronic banking and e-marketing, which, in turn, promote the financial, commercial and technological entity of the Group. — business@khaleejtimes.com