Tuesday, February 17, 2009

Equatorial Guinea: Oil found yesterday, coup attempted today

Mega-disclaimer: I haven't looked into the details. These two pieces of news may very well be entirely unrelated. Or they could be completely entwined. In any case when such news converge I simply have to take note.

For starters how about a usually credible source: BBC / Mystery over E Guinea gun battle
An unidentified armed group has launched an attack on the presidential palace in Malabo, the capital of Equatorial Guinea.
Nigerian "oil liberation" militants are being blamed but deny.

Those with subscriptions to a site called Ifra PR are supposedly able read this news piece: Noble Energy discovers oil in Equatorial Guinea. I have to admit I do not subscribe (sic!) but the excerpt at Google News goes: "The Government of Equatorial Guinea is extremely pleased that another oil...". Alternatively there is Equatorial Guinea Oil and Gas Report Q1 2009.

However, oil wasn't found yesterday. From the CIA:
The discovery and exploitation of large oil reserves have contributed to dramatic economic growth in recent years. [...] the government has stated its intention to reinvest some oil revenue into agriculture [...] No longer eligible for concessional financing because of large oil revenues, the government has been trying to agree on a "shadow" fiscal management program with the World Bank and IMF. Government officials and their family members own most businesses. Undeveloped natural resources include titanium, iron ore, manganese, uranium, and alluvial gold. Growth remained strong in 2008, led by oil.
But see what I mean? And I thought I'd have trouble proving my point with this blog!

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