Business
Gabon to implement new transparency measures when licensing offshore oil blocks
Trade Minister Fidele Mengue Me Engouang, who was leading Gabon’s delegation to the WTO, declined to comment further on the new code and its plans to put offshore blocks out to tender.
In the past two years, Gabon has sought tougher terms for foreign oil companies operating in the country and launched audits of oil producers and sought equity stakes in new contracts, executives have said.
In the WTO document, Gabon said that the newly-created Gabon Oil Company was entitled to a stake of up to 15 percent in oil blocs owned by other companies. This new agency will issue data on production, tax payments to the public.
International companies operating in Gabon include France’s Total, Royal Dutch Shell and China’s Addax Petroleum
In the document, Gabon said it had set up a new agency which would publish company and government data on the production volumes and tax contributions of mining and oil firms, as well as government data on permits granted to companies and reserves estimates.
It said the government was trying to have the new body in place by the end of 2013.
Another country taking part in the WTO review, Cameroon, said it was hoping to be recognized as compliant with the Extractive Industries Transparency Initiative’s standards in mid-August.
