Richie Bros
KMP Media
Exploration & DevelopmentOil & Gas

Gabon to scrap corporate tax, launches offshore oil exploration round

Gabon plans to scrap corporate tax as part of a revised hydrocarbons law, and has launched a new offshore oil and gas exploration licensing round, oil minister Pascal Ambouroue said on Wednesday.

In March, Gabon, a member of the Organization of the Petroleum Exporting Countries, said it planned to revise its hydrocarbons code, under which the state holds a minimum 20 percent stake in oil projects, in a bid to attract new investment.

It will also end the 35-percent corporate tax rate, he said.

“The purpose is to attract more and more investors,” Ambouroue told a media briefing at the Africa Oil Week conference in South Africa’s Cape Town.

He said the new code would become law before the end of December.

AdvertisementDJI Enterprises

Gabon, a tropical nation famed for its rain forests and wildlife, is a mid-tier African oil producer, churning out about 200,000 barrels of oil per day.

Want more stuff like this?

Join over 115, 000 subscribers and receive our weekly newsletter!

CONVERSATIONS

Your email address will not be published. Required fields are marked *

ten + seventeen =

Back to top button