The FAR and Svenska Petroleum Exploration companies have concluded negotiations with Petroguin, the national oil company of Guinea-Bissau, on revisions to the terms of offshore licenses Sinapa and Esperanca.
Under the new arrangements will FAR 21.42% stake and interest payments, compared to 15% previously. These changes reflect the fact that Petroguin will no longer participate in the joint venture before a commercial discovery.
In the event of a commercial discovery, Petroguin will own a 10% interest and pay with FAR and Svenska, respectively, 19.28% and 70.71%. The new terms include more favorable arrangements for investment in deep water, as a reduction in production royalty fees payable to the government.
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