Petroleum Africa
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Monday, January 28, 2019
Senegal saw its National Assembly approve its new hydrocarbon code recently. In the new code, 34 of the 75 articles were “reformulated for a better understanding and a greater precision,” according to a Ministry statement.
This new code will help in “safeguarding national interests in the oil chain, while maintaining the attractiveness of the region. to foreign investment,” according to the country’s Minister of Petroleum and Energy, Mansour Elimane Kane.
The legislation was drafted in 1998 but had to be reworked as explorers have made several impressive discoveries off its coast which are now being moved toward development.
Under the new code, state-owned Petrosen has a 10% stake in all contracts, but this can rise to 40% in certain circumstances.
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