Petroleum Africa
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Wednesday, October 1, 2014
In Guinea Bissau the country’s National People’s Assembly approved a new petroleum law. Law No. 4/2014, of April 15, 2014 regulates liquid and gaseous hydrocarbon prospecting, exploration, production and transport activities and their supervision.
The new statute overhauls the petroleum sector’s legal framework, introducing, among others, new rules with regard to the award of exploration and production rights, types of petroleum contracts, the national oil company’s (Petroguin) participation in petroleum concessions and limits to the number of licenses/blocks that can be awarded to each contractor group/operator.
The new law also lays down the new tax and customs regime applicable to the petroleum sector and a mandatory local content rule.
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