Adoption of new Petroleum Code
24 Jan 2019
The Petroleum Code, which was adopted on 24 January 2019 as Law No. 01/2019, aims to reinforce the preservation of national interests and local content. It includes several key points: Royalties are calculated on gross production and the Société des Pétroles du Sénégal’s (PETROSEN) has a ten percent stake in all contracts, which can be increased to 40 percent in specific situations. PETROSEN has to participate in project expenditure in the same way as other operating companies. According to the Code, no tax holiday can be applied and international companies will have to take into account several local content policies.
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Type:
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Treatment and operation (Operational conditions)
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Industry:
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Primary (Mining and quarrying)
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Sources:
