LAWMAKERS in Senegal have approved a reformed Petroleum Code and several local content regulations, replacing older legislation dating from 1998 amid aims to gazette the package before elections on 24 February. The oil reform Law 01/19 requires disclosure of beneficial ownership, eliminates tax holidays, imposes royalties on gross production and requires state owned oil company Petrosen to have minimum equity of 10% in all contracts, expandable to 40% under specified situations. The code "safeguards national interests in the oil chain, while maintaining the attractiveness of the region to foreign investment," according to Petroleum & Energy Minister Mansour Elimane Kane. The new law is not retroactive but applies to future and ongoing contracts. So it remains unclear if local content provisions will apply wholly to schemes yet to reach final investment decision, such as the Woodside Energy-operated SNE field development, though the Council of Ministers believes it should.
展开▼
