Gulf Oil and Gas accountACCOUNT

Gabon Plans Offshore Oil Round & Transparency Measures

Source: Reuters 7/31/2013, Location: Africa

Share |
Gabon has told the World Trade Organization (WTO) that it will hold a licensing round for offshore oil blocks later this year, and that it will bring in new transparency requirements for its natural resources sector.

In a confidential document circulated during a two-day trade policy review that ended on Wednesday, Gabon said it was adopting a new hydrocarbon code which would provide a basis for the new bid round.

Gabon, a former OPEC member, has the seventh biggest oil reserves in Africa and produces about 240,000 barrels per day, providing about 80 percent of its oil export earnings.

"This code will provide a real framework for activities related to petroleum in our sedimentary basin, as well as the valuation of undeveloped blocks, notably in the deep and very deep offshore which are to be awarded by way of tender before the end of 2013," the document said.

The document, a list of written questions and answers on trade policies, was part of the WTO's review of five member countries of the Economic and Monetary Community of Central African States (CEMAC), which includes Gabon.

Gabon's oil minister told Reuters in November 2012 that the West African country would launch a deepwater licensing round in June, provided it could put new investor-friendly rules in place.

It had already delayed and then cancelled licensing rounds for ultra-deep offshore blocks in 2010, citing drilling costs and environmental concerns after BP's massive spill in the Gulf of Mexico.

Trade Minister Fidele Mengue Me Engouang, who was leading Gabon's delegation to the WTO, declined to comment further on the new code and its plans to put offshore blocks out to tender.

Oil Reform
In the past two years, Gabon has sought tougher terms for foreign oil companies operating in the country and launched audits of oil producers and sought equity stakes in new contracts, executives have said.

In the WTO document, Gabon said that the newly-created Gabon Oil Company was entitled to a stake of up to 15 percent in oil blocs owned by other companies. International companies operating in Gabon include France's Total, Royal Dutch Shell and China's Addax Petroleum.

Earlier this year Gabon's efforts to attract investors took a knock when it was removed from the candidate list for the Extractive Industries Transparency Initiative (EITI), a global standard for government revenues from natural resources.

"It's not so surprising that for a country experimenting with something that there can be some mistakes. We have drawn lessons from these mistakes to try to rejoin the EITI by doing better than we have before before," Mengue Me Engouang told reporters in Geneva.

In the document, Gabon said it had set up a new agency which would publish company and government data on the production volumes and tax contributions of mining and oil firms, as well as government data on permits granted to companies and reserves estimates. It said the government was trying to have the new body in place by the end of 2013.

Another country taking part in the WTO review, Cameroon, said it was hoping to be recognised as compliant with EITI's standards in mid-August.

For more information about related Opportunities and Key Players visit West Africa Projects

Exploration News in Gabon >>

Australia >>  5/21/2018 - Comet Ridge Limited has announced that Easternwell’s Rig 101 spudded the Albany 1 sandstone appraisal well at 1430 hrs on Saturday 19 May 2018. At 060...
Egypt >>  5/21/2018 - Egypt will launch two international bid rounds for oil and gas exploration in 2018, the petroleum ministry said in a statement. ...

Argentina >>  5/18/2018 - Echo Energy plc, the Latin American focused upstream oil and gas company, has announced the succesful completion of drilling of the ELM-1004 explorati...
Argentina >>  5/18/2018 - Argentina has called on oil companies to submit proposals for offshore exploration areas, the country’s official gazette said on Friday, looking to ex...

Egypt >>  5/18/2018 - SDX Energy Inc., the North Africa focused oil and gas company, has announced the positive results of the well test conducted on the Ibn Yunus 1X well ...
Ghana >>  5/17/2018 - Ghana is set to award nine new upstream oil blocks for commercial exploration off its western coast beginning this year, the energy ministry said on T...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Gabon Oil & Gas 1 >>  2 | 3 |

More News

 

Oil & Gas Companies in Gabon >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.