Connect with us

Africa

Guinea-Conakry’s Energy & Power Future is Bright with 22-Block Licensing Round

Published

on

 Guinea Conakry s hydrocarbons industry is gaining steam with the auction of 22 unexplored offshore blocks in sight While Senegal s more established industry has seen more than 160 wells drilled since the 1980s Guinea Conakry s first exploration dates back to 2012 by US company HyperDynamics followed by French oil company TotalEnergies entry into 2018 Among the five prospective hellip
Guinea-Conakry’s Energy & Power Future is Bright with 22-Block Licensing Round

NNN: Guinea-Conakry’s hydrocarbons industry is gaining steam with the auction of 22 unexplored offshore blocks in sight. While Senegal’s more established industry has seen more than 160 wells drilled since the 1980s, Guinea-Conakry’s first exploration dates back to 2012, by US company HyperDynamics, followed by French oil company TotalEnergies’ entry into 2018. Among the five prospective wells drilled to date, no commercially exploitable oil reserves have been found, but as FAR’s recent discovery of a potential 1.5 billion barrels of oil in The Gambia shows, one well is all that is needed. needed to redefine an energy future. Across the MSGBC basin, world-class mega-reserves have been unearthed in the past decade, from 500 million barrels of oil at Sangomar to 15 trillion cubic feet (tcf) of natural gas at Greater Tortue Ahmeyim, 20 tcf at Yakaar-Teranga and 13 tcf in BirAllah. Guinea-Conakry’s entry onto the regional stage with its proposed 22-block licensing round could set the country on the path to a gas-fueled economic boom.

vgn news

vgn news

Under Precept 3 of the Natural Resources Charter of Guinea, renewed exploration counts among the top development priorities of the nation. This is crucial given that TotalEnergies’ most recent drilling, with four wells in blocks A4 and C2, was suspended late last year due to complex factors. The upcoming MSGBC Oil, Gas & Power conference may well be the key to this renewal, addressing issues of security, finance and regionally integrated energy value chains, with Guinea-Conakry receiving a special spotlight at regional roundtables to boost its presence. . Of commercial interest is the perception that the 55,500 km2 area explored in the nation’s offshore zone is just the tip of the iceberg in the territory yet to be surveyed, and the doubling of the government’s national oil budget to $1.2 million in 2019 indicates the country’s commitment to the advancement of the sector. Although the terms of the tender are currently being finalized through Guinea-Conakry’s National Petroleum Office (ONAP), new details about the 22-block nation’s first major licensing round are expected to be shared at the roundtable. which specifically covers new blocks on the market. The roundtable is scheduled for the second day of the MSGBC Oil, Gas & Power Conference 2022.

vgn news

Meanwhile, Guinea-Conakry is eyeing regional energy trading opportunities. In this sense, the construction in the country of a liquefied natural gas (LNG) import terminal (https://bit.ly/3Nx0x8B) is planned in phases of $300 million and is prepared to receive up to 2 GW equivalent of LNG from Senegal and Mauritania, to power key bauxite refineries. Strategically located in the Port of Kamsar, along the northern part of the country’s coastline, in the center of the nation’s mining district, this facility will help power at least half a dozen refineries that are also under development and scheduled to open in the next three to six years, processing raw bauxite ore into alumina, worth six times the mass value. Meanwhile, the nation’s recent accession to the African Continental Free Trade Area has served to unlock impediments in regional trade schemes of excess domestic power production, with Guinea’s major hydropower now enabled to supply regional neighbors. , through the basin of the MSGBC. A key example is through transnational partnerships in the form of the Organization for Mise en Valeur du fleuve Gambie and the Organization for Mise en Valeur du fleuve Senegal.

Immediately after TotalEnergies exited the country last year, ONAP and the National Oil Import Company of Guinea merged to form the Société Nationale des Pétroles, under the leadership of Amadou Doumbouya as Director General. Doumbouya himself will be a key participant at the upcoming MSGBC Oil, Gas & Power event (https://bit.ly/3a4fuRb) as a speaker alongside two of his senior colleagues. And with newfound transparency streamlining operations with the newly established National Directorate of Energy and Energy Information Systems, the nation’s energy future looks bright. To join the CEO, policymakers from across the region and international investors at this year’s MSGBC Oil, Gas and Power Conference & Exhibition, visit https://MSGBCOilGasandPower.com/.

bet9ja new

NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.