Gambiaj.com – (Bissau, Guinea-Bissau) – The Secretary General of the Management and Cooperation Agency between Guinea-Bissau and Senegal, Unusa Baldé, has called for the renewal of the Common Management Agreement on Oil and Halieutic Resources to ensure regional stability and social peace.

Speaking to journalists on Monday after meeting with President Umaro Sissoco Embaló, Baldé emphasized the importance of continued cooperation between the two nations, particularly in the joint economic zone where oil exploration is ongoing.

“It is a huge area in which there are blocks belonging to both Guinea-Bissau and Senegal. There is a need for cooperation in exchanging information and understanding the joint zone better, especially as oil has been discovered in Senegal as a result of studies conducted in this area,” Baldé stated.

He clarified that, while oil has been found in Senegal, no discoveries have been made in the ordinary management zone shared by the two countries. However, he highlighted ongoing research efforts, noting that the last unsuccessful drilling attempt occurred in 2011.

“Currently, companies are working in the research field with very encouraging data. In the near future, they will conduct further exploratory drilling,” he added.

The Senegal-Guinea-Bissau Cooperation Agency manages a 60,000-square-kilometer maritime zone where fishing and resource exploration are conducted. Baldé stressed that the agency regularly briefs President Embaló on its activities, sharing updates on progress and challenges.

Regarding fisheries management, he underscored the importance of strict licensing control due to the significant halieutic resources within the zone. He called for enhanced studies on fish stock levels to ensure sustainable resource exploitation.

Baldé also acknowledged the adjustments made to revenue-sharing agreements. Initially, Guinea-Bissau received 15 percent of the funds from resource exploitation, while Senegal took 85 percent. However, following President Embaló’s intervention, Guinea-Bissau’s share increased to 30 percent, with Senegal now receiving 70 percent.

On the potential for oil resource division, he noted that discussions remain hypothetical, as exploration is still in its early stages. Only seismic, chemical, and theoretical studies have been conducted so far, with future drilling expected to provide clearer insights.