The economy grew by only 1.9% in 2010 after shrinking by 0.3% in 2009. But, if stability can be maintained, it is forecast to be among Africa’s biggest GDP growth plays in coming years, writes Jon Marks
COTE D’IVOIRE: Vanco declares force majeure; GUINEA: Hyperdynamics secures drillship
The new president’s appointment of Mohamed Lamine Fofana as mines minister keeps a familiar face in charge of a key sector that provides 80% of Guinea’s foreign currency earnings
Guinea offshore operator Hyperdynamics said on 16 December it was in talks with a new potential partner for its 25,000km2 concession
Houston-based Hyperdynamics Corporation has raised $30m through a private placement with US investment management firm BlackRock.
The Gulf of Guinea’s numerous liquefied natural gas (LNG) projects were never all going to succeed, but they have been dealt a blow by the development of shale gas in the United States (AE 188/24). Yet African domestic markets may be the ultimate beneficiaries as companies direct their gas to smaller, less complex schemes.
BHP Billiton/ArcelorMittal iron ore deal off; Egyptian minister becomes World Bank MD; Kihansi toads to return to wild
CAMEROON: VOG promises Logbaba December delivery; EGYPT: New find for Dana Gas; GUINEA: Hyperdynamics starts 3D survey; MOZAMBIQUE: ENH backs into Sofala, M-10 blocks; MOZAMBIQUE: OGEC Cracow wins drilling contract; NAMIBIA: Universal Power wins licence extension; TUNISIA: Jenein Centre find; APACHE: Big fundraising, Egypt finds; KBR: South African BEE deal
Circle Oil placing raises $65m; Brief stay for new Hyperdynamics CFO; Potential Sonangol Iraqi farm-out
The World Bank has approved a $12.7m emergency grant for an Emergency Electricity and Water Rehabilitation Project to help restore electricity and water supplies in the capital Bissau. The grant will complement the Multi-Sector Infrastructure Rehabilitation Project (MIRP) that was approved by the Bank in May 2006.
Rio Tinto and China’s Chalco signed a binding agreement in Beijing on 29 July to establish a joint venture covering the development and operation of the Simandou iron ore project in south-east Guinea. The agreement follows a memorandum of understanding between Rio Tinto and Chalco’s parent, Aluminium Corporation of China (Chinalco), announced in March.
With potentially difficult elections beckoning as African Energy went to press, progress on an impressive roster of potential hydroelectric projects remains subject to Guinea’s volatile politics
There has been a fresh wave of violent protests in the volatile capital of Conakry in recent days, with crowds attacking offices of state utility Electricité de Guinée (EDG) and blocking roads with burning tyres to protest at continued power cuts.
Houston-based Hyperdynamics has confirmed that an amendment to its production-sharing contract (PSC) removes its right of first refusal over relinquished acreage.
GUINEA: PSC still not finalised; MOZAMBIQUE: More gas for Anadarko; TUNISIA: AfDB loan for Hasdrubal development
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