A U.S.-owned firm conducted oil exploration studies off Guinea’s coast. In February 2012, their first exploratory well uncovered oil of a non-commercial quality. In September 2017, their second exploratory offshore drilling reportedly did not find commercially exploitable quantities of oil.
Does Guinea have oil & gas reserves?
The extent of Guinea’s potential oil and gas reserves remains unknown, but promising. A U.S.-owned firm conducted oil exploration studies off Guinea’s coast. In February 2012, their first exploratory well uncovered oil of a non-commercial quality.
What are the major consumers of Guinea’s oil & gas reserves?
Major consumers include mining companies, retail gasoline stations, and the state-owned electric utility’s diesel generators. The extent of Guinea’s potential oil and gas reserves remains unknown, but promising. A U.S.-owned firm conducted oil exploration studies off Guinea’s coast.
How does the Guinean government regulate gasoline prices?
The Guinean government sets the price of gasoline at the retail level, subsidizing prices to ease the burden on consumers and changing prices according to the demands of international lenders and the global price of gasoline.