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Issue 336 - 08 December 2016

Guinea: SAPetro in talks on farm-in

Subscriber

Hyperdynamics has signed a letter of intent for Nigeria’s South Atlantic Petroleum (SAPetro) to take a 20% stake in the company’s offshore oil and gas concession where a well is due next year. The letter of intent, which is non-binding, calls for SAPetro to take a 20% participating interest in exchange for paying 40% of the costs of the upcoming Fatala well up to a $50m cap of predicted total well costs. Above that amount, SAPetro would pay its proportional 20% share.

Guinea
Subscriber

While much of the world was distracted by Donald Trump’s election in the US, Rio Tinto announced on 9 November that it had suspended energy and minerals head Alan Davies and accepted the resignation of legal and regulatory affairs executive Debra Valentine after discovering $10.5m in payments to a French adviser to Guinean President Alpha Condé.Rio said it had launched an investigation and alerted regulators after becoming aware on 29 August of emails from 2011 that referred to contractual payments to an unidentified consultant relating to its Simandou iron ore project.

Guinea
Subscriber

Sable Mining is to cancel its AIM listing and take the company private after a series of factors including the lower iron ore price and a Global Witness investigation depressed its share price. The cancellation takes effect from 17 October.Sable’s main asset is the Nimba iron ore project in south-east Guinea. Sentiment has been affected by political instability in Guinea, the Ebola epidemic and low iron ore prices, as well as what Sable described as “unpredictability of legal systems together with unsubstantiated and irresponsible allegations and adverse press speculation”.

Guinea | Liberia
Issue 331 - 04 October 2016

Hyperdynamics goes it alone in Guinea

Subscriber

US minnow Hyperdynamics has reduced its licence area by 75% and will open a data room for the relinquished acreage as part of an agreement with the government to extend the licence for 12 months. President and chief executive Ray Leonard told the Oil Capital forum in London on 21 September the company would seek a new partner or equity funding to drill the Fatala well, on a deep-water fan prospect. Fatala has a projected spud date of April 2017 and is expected to cost $46m; Hyperdynamics would like to drill a second well, bringing the cost to $77m.

Guinea
Issue 330 - 16 September 2016

Guinea: Tullow, Dana quit offshore

Subscriber

Tullow Oil and Dana Petroleum have reached a settlement with Hyperdynamics subsidiary SCS Corporation in their dispute over drilling plans. The two companies have pulled out of the production-sharing contract (PSC), and transferred their interest in the long-lead items purchased by the consortium in preparation for the drilling of the Fatala well. Hyperdynamics has agreed a one-year extension to the PSC covering a smaller area, with a commitment to drill a well next year. In January 2016, Hyperdynamics took legal action against Tullow and Dana, saying they had failed to meet their obligations under the joint operating agreement and the PSC which required a well to be drilled by September 2016.

Guinea
Issue 326 - 24 June 2016

Guinea: Power cuts return

Subscriber

The start-up of the Kaléta dam in mid 2015 improved power supply for several months but low water levels mean that only one of the dam’s three turbines is able to operate. With insufficient thermal capacity to fill the gap, power cuts have again become commonplace in outlying districts of Conakry. An Electricité de Guinée (EDG) official told African Energy almost all the country’s available capacity at present is being produced by thermal plants in Conakry.

Guinea
Subscriber

African Development Bank (AfDB) president Akinwumi Adesina’s visit to Guinea on 16-17 May was focused on developing the country’s energy sector. Guinea plans to harness its hydro potential to power domestic mining and supply the region. The estimated cost of its planned energy schemes totals some $4bn.There had been reports that differences emerged between Adesina and Guinean President Alpha Condé during December’s COP21 climate talks in Paris about the best way to manage the funds promised by donors.

Guinea
Subscriber

The Senegal River Basin Development Organisation (OMVS) is pressing ahead with the 300MW Koukoutamba hydro scheme on the Bafing River, which will cost an estimated $800m to develop. Koukoutamba is the first of three dams planned for the river, to be followed by the 160MW Bouréyah and 140MW Falayah schemes.It will be the biggest dam developed by the OMVS, which also developed the 200MW Manantali dam in Mali, the Diama dam which supplies water to Nouakchott and Dakar, and the 60MW Felou dam inaugurated in 2013.

Guinea
Subscriber

In June 2015, France’s Veolia signed a four-year contract worth €11.3m to manage Electricité de Guinée (EDG). There have been demonstrations against installation of prepaid meters in Kaloum, the business and administrative centre of Conakry, which has 14,000 EDG clients. EDG agents in the Sandervaliah district were chased away by gangs of youths and a protest march was organised. Installation of prepaid meters, supplied by Togolese company Togo Assistance Services, forms part of the donor-funded Electricity Sector Efficiency Improvement Project. Some $15m has already been released for the project, part of which has funded the rehabilitation of about 45km of underground distribution cables in Kaloum, which date back to French colonial rule.

Guinea
Issue 320 - 24 March 2016

Guinea: Koukoutamba dam tender

Subscriber

The Senegal River Basin Development Organisation (OMVS) has invited bids for the design, supply, construction and commissioning of the 300MW Koukoutamba dam on the Bafing River. The project will comprise an 86-metre-high dam with a central section in roller-compacted concrete, a power house with four 73.5MW Francis turbines, two 225kV transmission lines of 465km and 250km, and a 150km access road from Labé. Bids are due by 16 June. A site visit will take place on 30 April-1 May, followed by a bidders’ meeting in Conakry on 4-5 May. Bidders are invited to submit proposals for financing of the project.

Guinea
Subscriber

Development of Guinea’s mineral resources has long been hampered by a lack of infrastructure, but the government is keen to harness donor support for post-Ebola recovery to attract large-scale investment. Guernsey-based Alufer Mining signed a mining convention for the Bel Air bauxite mining project on 1 February, the first to be completed under Guinea’s new mining code. The Bel Air deposit is just 15km from the coast, which minimises the infrastructure required. Alufer, part of Pella Resources Group, eventually plans to develop the higher grade Labé deposit in central Guinea, but this would require a 200km railway to evacuate the bauxite.

Guinea
Issue 317 - 11 February 2016

Guinea: CWE signs Souapiti contract

Subscriber

China International Water & Electric Corporation (CWE) announced on 2 February the signing of an engineering, procurement and construction (EPC) contract with the Ministry of Energy and Water Resources and Ministry of Finance for the 450MW Souapiti dam and hydropower plant on the Konkoure River. The $1.38bn contract is expected to be completed in 58 months and will involve the construction of a roller-compacted concrete dam with a maximum height of 116.5 metres and length of 1,148 metres, as well as a power plant with a design installed capacity of 450MW and average annual output of 1.9TWh.

Guinea
Subscriber

Hyperdynamics Corporation has filed legal actions against its partners Tullow Oil and Dana Petroleum in the US District Court for the Southern District of Texas and before the American Arbitration Association over what it says is their failure to prepare for a well due by September.

Guinea
Free

The Islamic Development Bank is providing the government with $56m to finance the second phase of a project to rehabilitate and extend the electricity network in Conakry. Work will be carried out in the Matam, Matoto and Lansanayah districts, and Electricité de Guinée intends to use some of the funds to supervise the work. Tenders will be issued over the coming months, with contracts announced as they become available.

Guinea
Subscriber

The Senegal River Basin Development Organisation (OMVS) has invited expressions of interest by 26 November to carry out separate studies for the development of two hydropower projects on the Bafing River and a feasibility study for three micro-hydropower plants in the Senegal River Basin, both in Guinea.

Guinea