The President of the Republic has just promulgated the new Hydrocarbons Code of the Republic of the Congo, enacted as Law No. 28/2016, of 12 October 2016.
The Hydrocarbons Code states the legal, tax, customs and foreign exchange regimes applicable to upstream operations, details the rights and obligations of the companies active in the industry, and sets forth the rules and policies on health, safety, environment and local content. Much wider in scope than its 1994 predecessor, the new Hydrocarbons Code represents a comprehensive and in-depth revamping of the statutory regime in force, even if some of its principles and norms require further elaboration in future regulations.
The Hydrocarbons Code is to become the legal cornerstone of the licensing round under way, the timetable for which has recently been updated as follows: tender documents to be available as from 15 October 2016; closing date for submission of bids - 31 January 2017; evaluation of bids and announcement of results scheduled for end of March 2017.
Should you wish to receive the 2016 Hydrocarbons Code, an English translation thereof and/or more information on its most relevant features, please reach out to us at the address below and we will be glad to assist.