Hoping to mirror regional exploratory success, Guinea-Conakry offers unique opportunities across its offshore basins for investors and project developers alike. In 2023, the country has put forward a strong upstream drive and is inviting E&P players to seize the opportunities the frontier market presents. During the upcoming African Energy Week (AEW) conference and exhibition – taking place from October 16-20, 2023 in Cape Town – Hon. Aly Seydouba Soumah, Minister of Energy, Hydropower and Hydrocarbons of Guinea-Conakry, will outline these investment opportunities to global stakeholders. AEW presents an invaluable opportunity for Hon. Soumah, to showcase Guinea-Conakry’s energy potential while networking with a strong slate of players, with the aim of attracting lucrative investments into its burgeoning energy industry.
As part of the MSGBC region, Guinea-Conakry has the potential to tap into substantial oil and gas reserves, attracting investment and stimulating economic growth while enhancing energy security. Led by Hon. Soumah, the Ministry of Energy, Hydropower and Hydrocarbons is responsible for developing favorable policies to attract investments and foster the country’s energy sector. Working in conjunction with the National Directorate of Energy (DNE), the Ministry ensures the implementation and execution of regulations governing energy production, distribution, and consumption in Guinea-Conakry. Through these regulations, both the DNE and ministry maintain a fair and transparent energy market, instills investor confidence, and safeguards consumer rights, thereby laying the foundation for O&G investments that deliver high returns and long-term impacts.
Additionally, with its abundant water resources and hydroelectric power playing a significant role in the country’s energy mix, the Ministry facilitates the identification, assessment, and development of suitable sites for hydroelectric power plants, contributing to the utilization of renewable energy for electricity generation. The country’s rivers, including the Niger, Senegal, and the Gambia, make it a prime location for hydropower generation. With an estimated potential of over 6,000MW, Conakry could become an energy exporter to neighboring countries. Major hydroelectric projects like Souapiti (450MW) and Kaleta (240MW) have already increased electricity supply and reliability. Construction of the Amaria power plant (300MW) is also underway, and the country aims to diversify its energy mix with increased solar and other renewable installations. By 2025, hydropower is expected to dominate the. energy sector, accounting for over 80% of installed capacity if planned investments are realized.
Meanwhile, being part of the MSGBC region provides opportunities for economic cooperation and collaboration, particularly in the oil and gas sector. This cooperation allows for the sharing of knowledge, resources, and expertise among member countries, leading to joint ventures, investment partnerships, and regional development initiatives. Guinea-Conakry stands to benefit from these collaborations, fostering industrialization within the oil and gas sector and promoting infrastructure development. Positive results from investments in other MSGBC regions further highlight the potential for growth and development in Guinea-Conakry’s oil and gas industry.
Additionally, the recent formation of Société Nationale de Petroles (SONAP), the national oil company, in November 2021, is a clear demonstration of the country’s dedication to improving the efficiency and cooperation of domestic institutions. This initiative aims to foster better collaboration with external companies and investors, ultimately enhancing the growth and development of the oil and gas sector in the country.
Stepping into this picture, at AEW 2023, the Minister will engage in important discussions and high-level meetings centered around the significant role of oil, gas, and renewable energy sources in accelerating the diversification of Guinea-Conakry’s energy mix. The focus will be on enhancing energy security and reliability within the country.
“With its abundant natural resources and strategic location within the MSGBC region, Guinea-Conakry has a unique opportunity to attract investments and foster economic growth. Under the leadership of Hon. Soumah, the Minister of Energy, Hydropower and Hydrocarbons, Guinea-Conakry’s energy potential will be unlocked and allowed to flourish. With the implementation of favorable policies and the promotion of a transparent and investor-friendly environment, at AEW the Ministry will play a crucial role in enabling the growth of the energy sector and harnessing the country’s vast resources for the benefit of its people and the region,” states NJ Ayuk, Executive Chairman of the AEC.
