Guinea - Petroleum Exploration Promotion Project

t1 1 | t g - g s 3 8 g g i S.. S sII ji I II. .  Currency B9tuivalents The official monetary unit is the Syli (GS) Syli 1 = US$0.04 USS1 Syll 23 Abbreviations and Acronyms BD barrels per day Glh gigawtt hours NV megaatts toe tons of oil equivalent Hydrorente Agency in charge of retail gasoline sales HQI Hydro Quibec International Importex Agency in charge of oil imports MI=3K Ministry of Energy aud Konkovurf NW; JNnistry of Nimes and Geology ONIE Office National des Hydrocarbures PCIAC Petro Canada International Assistance Corporation SGH Socigt6 Guineenne des Hydrocarbures SRE Societ-e ationale d'Electricite SOGUIP Societe Guineene des Petroles  FOR OMCUIL USE ONLY THE REVOLUTIONARY PEOPLE'S REPUBLIC OF GUINEA PETROLEUM EXPLORATION PROMOTION PROJECT Credit and Project Summary Borrower: Revolutionary People's Republic of Guinea Amount: SDR 7.7 million (US$8.0 million equivalent) * Terms: Standard Project The project would assist the Ministry of Mines and Description: Geology in promoting available acreage in the country to international oil companies for exploration. It would include (i) seismic surveys on two zones offshore 'ii) geological field surveys on the onshore Bove basin,(iii) technical assistance by exploration con- sultants to develop and implement a promotion strategy and accounting assistance in respect of exploration activities; (iv) technical, economic and legal training; and (v) meterials and equipment needed in execution of the project. It would assist the Ministry of Energy and Konkoure in improving the reliability of Conakry's electrical service by an extension of an ongoing technical assistance contract for the electric power utility, SHE. Benefits & Risks: The potential benefits to the country are high if oil companies undertake exploration as a result of this project. Another benefit would be in developing the Government's capability to participate in and administer oil exploration activities in the country. The principal risk in this project is that the promotion effort ultimately does not yield any further industry interest. I This document ha a resicted distibution and may be used by recipients only in the performance of | their ofricial dutis.. Its contents may not otherwise be disclosed without World Bank authorization.  - ii - Estimated Project Cost: Local Foreign Total (Net of taxes and duties) --(US$ thousand)------- Seismic Surveys and Processing - 6,300.0 6,300.0 Geochemical Analysis of Field Samples - 30.0 30.0 Technical Assistance Oil Exploration Promotion 90.0 1,200.0 1,260.0 Electric Power 30.0 900.0 930.0 Training 30.0 150.0 180.0 Materials and Equipment 150.0 200.0 350.0 Total Base Cost 300.0 8,780.0 9,080.0 Contingencies Physical 30.0 880.0 910.0 Price 70.0 940.0 1,010.0 Subtotal 100.0 1,820.0 1,920.0 Refinancing of PPF Advance - 1,000.0 1 ,000.0 Total Project Cost 400.0 11,600.0 12,000.0 Financing Plan: Local Foreign Total -u---- sUM million)