Democratic Republic of Congo's National Assembly Passes Oil Code

(Bloomberg) -- The Democratic Republic of Congo’s National Assembly voted for a new oil code amid a flurry of legislation passed on the last day of its spring session on Monday, said Aubin Minaku, the assembly president.

The new law “will establish transparency by defining the terms for granting hydrocarbon rights,” Minaku said in his closing speech to lawmakers, according to a transcript published on the assembly’s website Tuesday. It will also “assure the security of investments, and put in place a fiscal regime that will allow the Congolese state to profit from its hydrocarbons resources.”

A copy of the law passed by the assembly wasn’t immediately available. Congo’s Senate had previously passed a version of the code and Minaku said the assembly used its constitutional right to pass its version of the code with or without amendments by the Senate. President Joseph Kabila would still need to sign the new code into law.

Congo produces about 25,000 barrels of oil per day. Companies including Total SA of France are exploring for more deposits.

To contact the reporter on this story: Michael J. Kavanagh in Kinshasa at mkavanagh9@bloomberg.net. To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net Paul Richardson, Ana Monteiro

Copyright 2017 Bloomberg News.

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