Gabon axes corporate tax, launches offshore exploration licensing

Gabon axes corporate tax, launches offshore exploration licensing

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

In March, Gabon 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.

Gabon, a tropical nation famed for its rain forests and wildlife, is a member of the Organization of the Petroleum Exporting Countries and a mid-tier African oil producer, producing about 200,000 barrels of oil per day.