Gabon Plans Offshore Oil round and Transparency Measures

Reuters

GENEVA, July 31 (Reuters) - 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.


123

View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Project Procurement & Contracts Advisor (Subsea Equipment)
Expertise: Contracts Engineer|Purchasing|Subsea Engineering
Location: Houston, TX
 
Contracts Coordinator
Expertise: Contracts Administration
Location: Hanover, MD
 
United States Midland: Account Rep, Bus Dev
Expertise: Business Development|Sales
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $55.47/BBL 0.69%
Light Crude Oil : $52.48/BBL 0.30%
Natural Gas : $3.41/MMBtu 0.29%
Updated in last 24 hours