DRC adopts new hydrocarbons code

The National Assembly of the Democratic Republic of the Congo (DRC) adopted on a new hydrocarbons code on Monday on the last day of its spring session, Bloomberg reported yesterday.

“The implementation of this law will allow [the DRC] to assure the security of investments and to put in place a fiscal regime that permits the Congolese state to profit from its hydrocarbon resources,” the president of the assembly, Aubin Minaku, said in a transcript published on the assembly’s website on Tuesday.

The code, which would still need to be approved by President Joseph Kabila, would replace the current law from 1981 that governs oil and gas activities in the country.

The Central African country produces up to 25,000 barrels of oil per day, which accounts for just 11 percent of its export revenues.

UK-French oil and gas operator Perenco is currently the DRC’s sole oil producer. But Total and an oil company owned by Israeli billionaire Dan Gertler are exploring prospective sites near Lake Albert.