Gabon confirms new oil and gas potential

Posted by on September 18, 2013 in Economy | 0 comments

Gabon confirms new oil and gas potential

New deep-water oil and gas systems could provide Gabon with a timely boost and help offset declining output from large, mature fields over the coming decade. Exploration in 2013 has resulted in discovery of pre-salt oil and gas systems and raised expectations that the country has substantial pre-salt potential. The government is determined to adopt a more assertive role in extracting value from its natural resources. Over the past few years, it has imposed tougher terms on foreign oil and gas companies, carried out investment audits and rescinded some contracts, and sought a greater share of new deals. However, the government is also mindful of the need for clarity regarding terms and conditions for foreign investors and has restated its intention introduce a new hydrocarbon investment code to increase transparency in the sector. This should provide the framework for a much-delayed licensing round for offshore oil blocks which is scheduled for the end of 2013.

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