Lawmakers in Senegal have approved a reformed Petroleum Code and several local content regulations, replacing older legislation dating from 1998 amid aims to gazette the package before elections on 24 February.
The oil reform Law 01/19 requires disclosure of beneficial ownership, eliminates tax holidays, imposes royalties on gross production and requires state owned oil company Petrosen to have minimum equity of 10% in all contracts, expandable to 40% under specified situations.
