This book investigates the paradox at the heart of present-day Gulf of Guinea politics. The governance crisis festering throughout every one of the region's states ought to discourage outsiders from capital-intensive, long-term commercial involvement and cast doubts over the political survival of ruling cliques. However, the presence of large petroleum deposits radically changes this equation: the negative dynamics of state failure and wide-spread violence affect the general population but spare the oil nexus. The material and political resources made available by oil allow states to survive regardless of bad policies, facilitate their governing elites' material success regardless of reckless management, earn international allies regardless of erratic domestic conduct, and make companies want to invest regardless of risk. The recent oil boom only strengthens this paradoxical viability. Making possible what is arguably the largest inflow of resources into Africa in history, it is of a different order from the short-term viability afforded by the exploitation of other natural resources. Nonetheless, the partnership between insiders and outsiders that permits the extraction of oil is not conducive to positive long-term outcomes in institution-building or broad-based economic growth. Highly dependent on uninterrupted money flows and beset by various destabilising trends, the political economy of oil in the Gulf of Guinea is poised in a state of 'permanent crisis'.