Guinea-Conakry’s Energy Minister Joins African Energy Week (AEW) 2024, Promoting Investment Opportunities in Oil, Gas and Regional Power

Guinea-Conakry’s Minister of Energy, Hydropower and Hydrocarbons Aboubacar Camara will deliver a keynote address at the African Energy Week (AEW): Invest in African Energy 2024 conference – scheduled for November 4-8 in Cape Town. Minister Camara will highlight Guinea-Conakry’s efforts to diversify its energy portfolio, encompassing hydrocarbons, hydropower and other energy sources while outlining strategic initiatives aimed at transforming the country’s energy landscape.

In an effort to increase investments and boost exploration, Guinea-Conakry is finalizing the terms of a 22-block bid round – including onshore and offshore assets. The bid round will feature comprehensive seismic data packages and favorable fiscal terms designed to appeal to a wide range of investors. During AEW: Invest in African Energy 2024, Minister Camara will provide insight into emerging block opportunities, engaging with global investors and project developers to advance exploration in the frontier market.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

As a largely unexplored hydrocarbons market, Guinea-Conakry is turning to infrastructure development to support regional trade while exploration gradually progresses. Situated in close proximity to large-scale natural gas projects in Mauritania and Senegal, Guinea-Conakry aims to establish an LNG terminal at Port of Kamsar. The project will be operated by the West African LNG Group and its parent company – project developer AfricaGlobal Schaffer – and include both import and export terminals. Valued at $300 million, the project will include a full-service LNG receiving terminal, liquefaction plant and export terminal. The project also features a 1,900 MW gas-fired power plant which will support proposed alumina refineries in the country. This strategic infrastructure project will not only enable the import of regional LNG but support energy security and economic growth in the country by powering industries such as mining.

Meanwhile, advancements in the country’s power sector aim to bolster access to electricity while creating new investment opportunities for technology companies, power developers and infrastructure firms. This month, the French Development Agency approved a €60 million loan to Guinea-Conakry to improve electricity access in Forest Guinea. The 20-year loan, with a seven-year grace period, aims to expand energy services to urban and rural areas, including the Guinea-Mali interconnection project. This financial support is expected to improve the country’s energy infrastructure, enhance economic development and improve the quality of life for many Guineans. The nation is also increasing its efforts to diversify its energy portfolio. In collaboration with Russian nuclear energy firm Rosatom, the country is set to deploy floating nuclear power plants to enhance its energy security and provide a stable power supply for its industrial and mining sectors. This initiative aims to integrate nuclear energy into the national grid and address the growing energy demand.

Moreover, Guinea-Conakry is driving development across the renewable energy sector, with a new focus on solar and hydropower. The country aims to add 500 MW of solar energy to its grid, a move that aligns with its commitment to diversifying the energy mix. This plan involves multiple projects across various regions, aiming to harness Guinea’s abundant solar resources to meet growing energy demands and support sustainable development. Additionally, hydropower projects such as the 450 MW Souapiti Hydropower Station, which has been operating since 2022; the 300 MW Amaria Hydropower Project, which is currently under development; and the 294 MW Koukoutamba Dam Project, which is currently undergoing a feasibility assessment, are expected to enhance the nation’s electricity generation capacity.

“Guinea holds a strategic position within the MSGBC region, showcasing immense potential in its untapped oil and gas reserves. The country’s commitment to advancing its energy sector through initiatives like the upcoming 22-block bid round demonstrates a forward-thinking approach that will not only drive economic growth but also strengthen regional energy cooperation,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

During AEW: Invest in African Energy 2024, Minister Camara will advocate for Guinea-Conakry’s role in regional energy development and highlight opportunities for sustainable growth and investment in the nation’s dynamic energy sector. He will also engage with stakeholders and energy companies to draw investments in its hydrocarbons and renewable energy sector. Additionally, the minister will participate in the Invest in MSGBC Energies roundtable, a dedicated platform exploring investment opportunities across the region. Key experts from the MSGBC region will gather to discuss recent energy developments, upcoming initiatives and favorable regulations to attract new players to invest in the region’s energy sector.

Distributed by APO Group on behalf of African Energy Chamber.