Gabon aims for gas to rescue petroleum sector
The country has revised its petroleum code in an effort to lure IOCs back to its waters, but a lack of export regulations leaves uncertainty as to where extra supplies would go The country has revised its petroleum code in an effort to lure IOCs back to its waters, but a lack of export regulations leaves uncertainty as to where extra supplies would go.
The key issue: Gabon’s lawmakers approved a comprehensive new petroleum code on 26 February. The legislation aims to monetise the country’s gas resources for the first time.
Gabon’s new petroleum code includes revisions to production-sharing contracts and – for the first time – delineates specific fiscal terms for gas developments. Gabonese Petroleum Minister Pascal Houangni Ambouroue has said he believes the changes will greatly enhance “flexibility” for IOCs, allowing them to operate in different price environments.
However, the new code comes up short on rules governing...
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