News
Gabon Pip Into Future With New Hydrocarbons Code
An African country, Gabon, has pipped into the future of oil and gas with a new hydrocarbons code.
The onset of the COVID-19 pandemic dampened global demand for oil and natural gas, disrupted the flow of capital, and slashed expansion plans across the hydrocarbons industry.
As a result, licensing rounds in many African countries have suffered from a lack of investor interest.
Despite these challenges, Gabon has emerged as a preferred destination for energy investors and majors due to investor-friendly reforms epitomized by the new Hydrocarbons Code introduced in 2019.
Hailed as a new dawn for investors, the new code quickly attracted private sector interest as an unprecedented 12 new oil production-sharing deals were signed in the weeks following the rollout of the new regulations. Malaysia’s state-owned Petronas was among the first energy majors to step up, acquiring exploration rights to two offshore blocks that authorities had previously failed to auction in 2014. Backed by US-based private equity firm Carlyle Group, Assala Gabon also bagged licenses for three exploration blocks. Meanwhile, China National Offshore Oil Corporation (CNOOC) raised its stake in two offshore blocks from 25% to 100% as it bought out Shell’s share in the venture. CNOOC has also announced plans to invest a further $30 million in exploration activities in the country.
The heightened interest in Gabon is largely attributable to the deregulation of its hydrocarbons sector, which is a core aim of its recently enacted reforms. The maximum limit for state participation in production sharing contracts (PSCs) has been reduced from 20% to 10%. Similarly, the state’s share of the profit from natural gas exploration activities has also been limited to 10%.
Besides providing a quicker path to profitability for prospective investors in both offshore and onshore ventures, the reform also reduces their financial burden and allows them greater control over operations through a range of fiscal incentives. The prevalent corporation tax in the country is 35% but has been cut to zero in the case of the hydrocarbon industry. State royalties for the sector have also seen sizable reductions from around 15% to as low as 2% for offshore exploration and drilling activities. Certain axes on onshore mining activities have also been lowered.
Due to these and other reforms, cost recovery has improved significantly, including from 75% to 90% for offshore fields. In the case of shallow water oil and gas fields, this ratio has increased from 65% to as high as 80% with the introduction of the new code. Coupled with the reduction in state royalties, experts believe these measures have lifted the valuation of Gabonese oil and gas reserves by around 40% for current and prospective investors because international oil companies are now able to retain a larger proportion of profits and earn a higher return on investments.
Concurrently, authorities are also expediting the collection of seismic and well data to arm potential operators with the information they need to make their investment decisions.
The economy has remained heavily reliant on the oil industry for government revenues and exports, of which oil represents up to 80% of the total. But its output has been waning for years and some industry giants have exited the country. With its attractive new fiscal incentives and a liberalized market, Gabon is hoping to reverse this decline while also propelling the natural gas sector, which is a centerpiece of the country’s economic strategy.
News
Rising Political Tension: Wife Of Rivers State Head Of Service, George Nwaeke Pleads For Her husband’s Safety
The escalating political crisis in Rivers State took a dramatic turn on Friday as Florence Nwaeke, wife of former state Head of Service George Nwaeke, voiced deep concerns over her husband’s whereabouts.
Fighting back tears, she appealed to the public, revealing she had lost contact with him and feared for his life.
According to Mrs Nwaeke, her husband had travelled to Abuja and confirmed his arrival via a phone call. However, subsequent events took a baffling turn when reports surfaced of an unexpected interview attributed to him. The news left her in shock, as she insisted the statements made were uncharacteristic of her husband.
“I was confused when I heard he had given an interview. I asked myself, ‘An interview about what?’ That was not my husband speaking,” she said, overwhelmed with emotion.
Fearing for his safety, Mrs Nwaeke attempted to reach her husband multiple times but received no response.
“I sent him messages asking if he was under duress, if he had been kidnapped, but there was no reply,” she recounted. “His phone is off, and I do not know where he is. Nigerians, please help me!”
Her plea for help emerged just hours after Mr Nwaeke’s interview, in which he accused Rivers State Governor Siminalayi Fubara of secretly backing Bauchi State Governor Bala Mohammed for the 2027 presidential election. He also claimed Fubara had encouraged militants to stage attacks, allegations that sent shockwaves through the political landscape.
In a subsequent video, Mrs Nwaeke made a direct appeal to Governor Fubara, imploring him to intervene and ensure her husband’s safety.
“Governor Fubara, please help me. My husband is in trouble,” she cried. “He has been forced to say things he knows nothing about. He resigned just to protect himself.”
Her statement suggested that Mr Nwaeke may have been pressured into making claims against the governor, adding another layer of intrigue to the unfolding political crisis.
Governor Fubara quickly dismissed the allegations, insinuating that Mr Nwaeke had been either bribed or coerced into making false statements.
“The truth is that Dr Nwaeke has been compromised,” Fubara asserted in a statement. “He is only making these claims to fulfil promises to those who have either paid him or forced him into this.”
To support his counterclaim, the governor released purported screenshots of conversations between Mr Nwaeke and his Chief of Staff, Edison Ehie.
These messages suggested that Mr Nwaeke had previously sought financial assistance and political backing, allegedly citing a monthly income of N500,000 as inadequate.
Meanwhile, the public awaits further developments, hoping for Mr Nwaeke’s safe return and a resolution to the escalating crisis.
Petrol tanker explosions in Nigeria have become a pressing concern, with alarming statistics revealing that no fewer than 555 people lost their lives between January 2020 and January 2025. Data from the Federal Road Safety Commission (FRSC) has highlighted the severity of these incidents, prompting urgent discussions on safety measures and regulations.
According to Joyce Alexander, the Sector Commander of the FRSC in Anambra State, these fatal accidents have caused extensive loss of life and destruction of property.
Speaking at a town hall meeting on “Tanker and Trailer Safety Challenges in Nigeria” in Awka, she outlined the staggering figures:
2020: 18 tanker explosions, 161 deaths.
2021: 19 tanker explosions, 55 fatalities.
2022: 14 tanker explosions, 76 deaths.
2023: 13 tanker explosions, 118 fatalities.
2024: 13 tanker explosions, 85 casualties.
January 2025: 7 recorded tanker explosions.
Recognising the severity of the situation, the FRSC has proposed several strategies to curb tanker-related accidents:
Strict Enforcement of Speed Limits: Ensuring that haulage vehicles are equipped with speed-limiting devices.
Regular Training for Drivers: Educating tanker operators on road safety measures and responsible driving habits.
Vehicle Inspection and Maintenance: Mandating periodic checks to identify and fix mechanical faults before tankers hit the road.
Legislative Action: Introducing harsher penalties for tanker owners who fail to comply with safety standards.
Establishing Rest Areas: Providing designated stops to prevent fatigue-related accidents.
Uche Noah, a Chief Superintendent of Police and the Divisional Police Officer of ‘B’ Division, Awka, urged drivers to avoid alcohol and illicit substances while on duty, which significantly contribute to road accidents.
By Amina Samuel, Kaduna
The Catholic Archbishop of Kaduna, Most Rev Matthew Man-Oso Ndagoso, has commended Kaduna State Governor Uba Sani for fostering an inclusive government and uniting the people of the state.
Speaking at the 2025 Kaduna North Annual Deanery Cathedraticum, Archbishop Ndagoso praised Governor Sani’s leadership, contrasting it with the divisive policies of the previous administration under Nasir el-Rufai.
“The past administration divided the people; many did not feel a sense of belonging across the senatorial districts,” Ndagoso said.
“The past government acknowledged only a selected few, but in the last two years, Governor Uba Sani has bridged the gap created by his predecessor.”
The Archbishop urged the Catholic community to focus on their faith rather than the shortcomings of individual priests.
“Nobody is perfect, and no one should judge another. We should learn to adjust our ways and look at Jesus Christ, who died on the cross for mankind,” he said.
Ndagoso also commended the lay faithful for their unwavering support of the archdiocese and called on Kaduna residents and Nigerians to embrace peaceful coexistence regardless of religion or ethnicity.
Similarly, Lt. Col. G.O.I, Parish Priest of the Chaplaincy of St Peter’s Ribadu Cantonment, expressed gratitude to the Archbishop for selecting his parish to host this year’s Cathedraticum.