Gabon: An Agreement to Obtain an Oil Block

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Gabon: An Agreement to Obtain an Oil Block
Gabon: An Agreement to Obtain an Oil Block

This is the first time in five years in Gabon: the signing of a new oil field exploration contract.

All oil operators have turned away from the country because of the adoption in 2014 of a new hydrocarbon code deemed coercive and unprofitable.

With the support of the IMF, the country revised its code, the new version of which was
promulgated two weeks ago.

Malaysian company Petronas was the first to sign an agreement for two new oil licences.

The gesture is commonplace for a country that has been producing oil for almost a century.

But for Noel Mboumba, Gabon’s oil minister, the signing of this new contract gives hope after five years of crossing the desert.

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