The Guinean State Minister of Mines and Geology, Kerfalla Yansané, recently announced a possible launch of a bidding round in 2015 for offshore oil blocks in Guinea under the new hydrocarbons code (the “New Code”). Following its adoption by the Guinean Parliament and its promulgation by President Alpha Condé, Law L/2014/034 implementing the New Code entered into force on 23 December 2014. The New Code has not yet been published in the Journal Officiel.
The New Code repeals the 1986 Petroleum Code (order n°119/PRG/86 dated 28 September 1986 and its implementing decree n°168/PRG/86 dated 23 September 1986) and all other conflicting laws and regulations.
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