Guinea-Conakry doubles its petroleum budget

Guinea-Conakry’s 2019 petroleum budget will reach close to $1,2 million; a 50 percent increase from 2018’s $550,000.

Tabling the budget on Saturday, Minister of Hydrocarbons of Guinea-Conakry, Zakaria Koulibaly, noted that Guinea shares the same geological basin as Senegal and Mauritania, which discovered oil after undergoing modernizing reforms in their promotion and exploration policies.

To date, Senegal and Mauritania have drilled 160 and 20 wells respectively, while Guinea-Conakry has only drilled 3 wells in the last 60 years.

The new Ministry of Hydrocarbons, which was created in May, aims to strengthen the country’s petroleum strategy in both the upstream and downstream sectors.

It is also focused on a secure and stable supply of petroleum products, the development of onshore and offshore research, the development of the use of butane gas in households, the assessment of the hydrocarbon potential of Guinea-Conakry and the construction of a seismic data center for the promotion of oil in Guinea.

Less advanced than its neighbours in the research for oil and gas, Guinea-Conakry remains a global mining player.

The country is the third biggest producer of bauxite in the world and sits on massive reserves of iron ore, gold and diamonds, to name a few.