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Tuesday, June 11, 2013
In a statement released on June 10 Maurel et Prom ‘categorically’ denied that it had any tax issues in Gabon. The company denied information released in an article published by Bloomberg entitled ‘Maurel May be Next Target of Gabon Oil Seizures’ concerning its permits in the West African country.
Philippe de Pontet of Eurasia Group Ltd. was quoted in the Bloomberg article as saying that M&P and one other company are “thought to be in the crosshairs of a selective crackdown on what the government sees as the starkest cases of tax avoidance and breach of contract.” M&P says is not the subject of any tax litigation in the country and it “largely exceeds its contractual obligations.”
All this speculation follows news that CNPC unit Addax Petroleum was locked in a dispute with the government of Gabon over monies owed. The government canceled a contract for one block and the word was that it would not renew a contract on another.
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