Petroleum Fiscal Regime

Progress Status
Not Started
Campaign Promise
Detail Activities
  • Enact policies that will extend to ensure promotion, attraction and facilitation of foreign oil and gas investments through a competent and independent petroleum directorate
  • The government will assert its commitment in providing lucrative fiscal incentives for foreign oil and gas companies. It will also embrace policies to assist investors with corporate and business formalization processes
  • Expedite investment approval processes and acquisition of all necessary licenses, permits and authorization within acceptable timeframes
  • Re-evaluate oil block data and dimensions to enable the best companies to have the most prospective blocks, guarantee a supportive and favorable legal framework that promises effective facilitation, protection and guaranteed foreign investments rights
  • The fiscal regime will require companies to meet their end of grace time drilling in order to maintain their licenses. Defaulting on drilling obligatory wells will require a complete drilling programme from the concerned company to ensure that it meets its contract obligations and accelerates development and production.
  • The new policy will award licenses to companies who have proven track records of finance and technical performance.
Data Sources