Guinea - Petroleum Exploration Promotion Project
Irwin, Timothy
The outcome of the Petroleum Exploration Promotion Project for Guinea was unsuccessful because it did not achieve its main objective. However, its impact on institutional development has been significant, sustainability is likely under certain conditions, and the performance of both the Bank and Borrower was satisfactory. Several lessons can be learned from this project. First, in order to attenuate the oil industry's negative evaluation of the hydrocarbon potential of the country, it will be necessary to develop "conceptual exploration plays" through the implementation of a limited exploration program. Second, a regional study should be: a) conceived as such, and not be the result of the initial implementation of local studies, subsequently integrated; and b) under the responsibility of only one team of consultants from the start. Third, the implementation of the project under review illustrates the futility, indeed the possible harm, of including the acquisition of fresh hard data in a promotional project. Fourth, the DH's exploration consultants recommended to the Government, with the Bank's agreement, that it should not sign a contract with Anglo Suisse. In retrospect, it might have been wiser to encourage the company to negotiate a contract on one portion of the required acreage. Finally, the Government needs more technical and financial assistance.
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