Gulf Oil and Gas accountACCOUNT

Gulf of Guinea Oil Grp Moves Ahead; Has 5% of World Output

Source: www.gulfoilandgas.com 9/18/2006, Location: Africa

A central and west African oil producer block responsible for some 5% of the world's daily production has finally become operational seven years after its inception. The Gulf of Guinea Commission comprises eight oil producers with an output estimated at 4.5 million barrels a day.

They have agreed to harmonize exploration and production policies, though it is unclear whether it will coordinate production levels in the way the Organization of Petroleum Producing Countries can do.

The Commission is made up of countries with coasts along the Gulf of Guinea. They are Angola, Cameroon, Democratic Republic of Congo, Congo Brazzaville, Equatorial Guinea, Gabon, current OPEC member Nigeria, and Sao Tome et Principe.

Sao Tome President Fradique de Menezes is to lead the group for three years and its headquarters are in the Angolan capital Luanda.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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