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The West African state of Guinea has abundant mineral resources and a strong mining industry but no known oil or gas resources which could form the basis of an upstream oil industry. The downstream oil industry is therefore dependent on the importation of all petroleum products.

Northwest Africa's coast is now ripe for oil development, and Guinea is actively being courted in this endeavor. Guinea signed a Production sharing agreement with Hyperdynamics Corporation, an American oil company, in 2006 to explore a large offshore tract, recently in partnership with Dana Petroleum PLC (Aberdeen, United Kingdom). Many petroleum experts believe that the offshore region from Ghana west to Senegal, which includes Guinea, might one day supply the United States nearly 30% of its oil needs before 2020.

Petroleum Law & Legislation

The industry is regulated by the Secretariat of State for Mines and Energy and the Administration du Secteur Pétrolier.

Oil & Gas Companies

Some of the notable oil and gas companies operating in the Republic of Guinea are:

  • Compagnie Shell de Guinee (CSG)
  • Gaz et Industries Petroliferes (GAIP)

Key Figures

  • Oil production:0 bbl/day(2008)
  • Oil Consumption: 9,000 bbl/day(2008)
  • Oil Exports: 0 bbl/day(2007)
  • Oil Imports: 8,674 bbl/day(2007)
  • Oil Proved Reserves:0 bbl (2009)
  • Natural Gas Production: 0 cu m(2008)
  • Natural Gas Consumption: 0 cu m (2008)
  • Natural Gas Exports: 0 cu m (2008)
  • Natural Gas Imports: 0 cu m (2008)
  • Natural Gas Proved reserves: 0 cu m(2009)

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