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African Affairs 2004 103(413):527-546; doi:10.1093/afraf/adh085
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© Royal African Society 2004, all rights reserved

Article

The oil boom in Equatorial Guinea

Jedrzej George Frynas

Jedrzej George Frynas is a Lecturer in International Management at the Department of Commerce, Birmingham Business School, University of Birmingham, Edgbaston, Birmingham B15 2TT, UK, e-mail: j.g.frynas{at}bham.ac.uk

Abstract

In less than a decade, Equatorial Guinea has transformed itself from an African backwater into one of the world’s fastest growing economies and a sought-after political partner in the Gulf of Guinea. The sole reason for this transformation has been the discovery of oil and gas. This article outlines the rise of Equatorial Guinea as one of Africa’s leading oilproducing countries and investigates the political, economic and social effects of becoming a petro-state. The article is based on the author’s field research in Equatorial Guinea in the autumn of 2003 and interviews with senior oil company staff, government officials and staff of international organizations as well as secondary sources. This research demonstrates how reliance on oil and gas exports can lead to profound changes in a country’s political economy.


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