Guinea. Economic analysis

Starting with 1974, oil and gas exploration and extraction works were conducted by American oil company BRI and Yugoslavian NEFTEGAS organization. Both of them were in the SOGIP - Guinean Oil Society. The very first positive results of geological-geophysical exploration of the shelf proved the existence of the structures favorable to oil and/or gas localization. In 1976 SOPIT commissioned Oil Company of France (OCF) to execute the test drilling contract. A 3,353-meters-deep hole was drilled in a promising spot in the southern searching block 140 kilometers to the west-south-west of Conakry. The expected presence of oil and gas was not proved. In 1981-1982 more detailed geophysical research was conducted by a joint Guinean-American company SGG. The results of this geophysical investigation, according to the American specialists, showed little promise. The question of continuing the works is presently being debated.

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