Economy - Oil: Guinea gives final third of its offshore Hyperdynamics.
An addendum to the contract issue of sharing oil production linked to the Guinean state oil company Hyperdynamics Texas was signed last Thursday, March 25, 2010, learned Guineenews ©. The addendum was signed by the Minister of Mines Mahmoud Thiam and CEO of Hyperdynamics Ray Leonard (pictured).
Mr. Leonard, visibly delighted, announced during a press dinner last night that the amendment states that "30 percent of offshore Guinea returns to Hyperdynamics'.
In addition, the Texas company has waived its right of preemption said right of first refusal on the rest of the offshore Guinea. This waiver allows the state of Guinea have the rest of its offshore freely.
Already in 2007, this text had been removed from the national assembly, at the request of the Minister of Mines Ahmed Kante, because we believed, "granting the third, or 26 600 km2, 36 percent of the offshore Guinea did not conform to international practice. "
The addendum provides 25 300 sq km, an increase of 6 percent for the Guinean government over the contract in 2007 with a clause to surrender 25 per cent by 2013.
However, the provisions relating to tax on business profits have not been fundamentally revised. The oil costs were not included in the royalty, and, Hyperdynamics will pay no income taxes.
Sign of the times, the Minister Thiam agrees, more or less what the minister had refused Kante. "The state wanted to solve this problem to raise the mortgage on the rest of the offshore Guinea, according to a mining consultant. The company promises Texan drilling 1 oil well in late 2011.
Amadou Tham Camara Amadou Tham Camara
Conakry, Guinée Conakry, Guinea
224.60.55.01.23 224.60.55.01.23
