Petroleum Africa
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Sunday, March 25, 2018
Gabon plans to revise its 2014 hydrocarbons laws as a way to attract new investment into the petroleum sector, according to a statement from the Ministry of Oil. The law from 2014 was based on a much higher per barrel price than today’s current market prices.
Under the current legal framework, the Gabonese state holds a minimum 20% stake in oil projects. The state oil company has the right to a stake of up to 15%.
“The same fiscal framework cannot be applied both when the barrel is at $150 and when it’s at $50 or $60, which limits the room to maneuver of investors interested in exploration,” the Ministry said in a statement.
The Ministry said that a panel of legal, economic and tax experts will come together to look at changes to the law.
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