EMEA News
Genoil Desulfurization Tech to Feature in New North West Africa Project
Genoil Friday announced it has signed an agreement with CAP Energy to develop oil fields in the MSGBC Basin (Mauritania, Senegal, The Gambia, Guinea Bissau and Guinea Conakry).
CAP Energy are said to have a range of offshore interests in Guinea Bissau and Senegal, and the agreement will see the companies look to develop assets including current oil exploration licenses.
The project on the North West African Atlantic Margin (NWAAM), said to be Genoil's first venture in Africa, will also seek to explore opportunities for Genoil's Hydroconversion Upgrader (GHU) desulphurisation technology.
"The MSGBC Basin is about one-third of the size of the Gulf of Mexico. More than half of the existing wells are in depths of only 100 metres which facilitates ease of exploration. There is huge potential in the region which is evidenced by the discoveries by Kosmos Energy and Cairn Energy, the latter being adjacent to blocks licensed to CAP Energy," " said Bruce Abbott, Chief Operating Officer, Genoil.
"We will be working with CAP and our Chinese partners to both maximise opportunities for our GHU low sulphur technology and provide the investment required to develop these exciting prospects."
As Ship & Bunker reported last year, Genoil says it has seen increased interest in its desulphurisation technology following the decision by IMO to introduce a global 0.50% sulfur cap on marine fuel in 2020.
