Apus Energy DMCC is reigniting offshore exploration in Guinea-Bissau with the acquisition of the Sinapa and Esperança licenses, marking a strategic return to the country’s MSGBC Basin. The assets, formerly held by PetroNor, were secured through a deal valued at up to $85 million, including future development-linked payments, according to Offshore Magazine.
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The company plans to drill the Atum-1X prospect, the country’s first deepwater well, in the second half of 2024. S&P Global estimates Atum holds up to 314 million barrels of recoverable oil, with modeled returns showing a potential $3 billion net present value and internal rates of return between 15% and 50%, depending on field size and oil prices.
To support the campaign, Apus has contracted AGR, part of ABL Group, for full well management services. Operations will be executed using the Ocean BlackRhino ultra-deepwater drillship, with offshore logistics supported from nearby Senegal. According to AGR, the drilling phase is designed to meet stringent technical standards for frontier basin exploration.
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The project is gaining visibility ahead of the African Energy Week (AEW) 2025, where Guinea-Bissau will participate as a Silver Partner. According to Energy Capital & Power, the country is actively courting international investment across oil, gas, and mineral sectors, supported by new bilateral agreements and streamlined regulatory frameworks.
Apus Energy’s move underscores the rising investor interest in West Africa’s underexplored basins. If successful, the Atum-1X campaign could pave the way for full-field development, opening a new offshore corridor and improving Guinea-Bissau’s long-term fiscal outlook, according to S&P Global analysts.
