The Silwana Diamond Group announced the signing of a strategic oil exploration concession deal with ADA Energy, based in Guinea-Bissau which represents the National Petroleum Corporation Petrogen.
Dr Firas Abu Hudeeb, chairman of Silwana Diamond and Dr Mohamed Al Adeeb, head of the board of directors of Ada Business in Guinea-Bissau, signed the agreement.
The agreement gives Silwana Diamond the right to explore and extract oil from oil fields in Guinea-Bissau's Areas 4 and 5, where the oil reserves are estimated to be 3 billion barrels of crude oil.
Silwana Diamond will be granted concession rights over 14,700 Km2 and will own 50% of the oil reserves. The UAE company will produce 36 million barrels of oil per year from Areas 4 and 5, at a pace of 52 000 barrels per day from Area 4, bringing yearly extraction rates to over 19 million barrels.
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