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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.
Apex Igbo socio-cultural organization, Ohanaeze Ndigbo Youth Council Worldwide has condemned the arrest of businesswoman Aisha Achimugu at the Nnamdi Azikiwe International Airport, Abuja.
Achimugu was arrested by the Economic and Financial Crimes Commission.
Her lawyer, Chief Chikaosolu Ojukwu, who confirmed her arrest said , “Aisha Achimugu, who arrived voluntarily into the country from London, was arrested by the EFCC around 5 a.m. on Tuesday.
‘In light of what transpired in court on Monday, my client returned based on the undertaking before the court to honour the EFCC’s invitation, but was arrested at the airport.”
Ojukwu criticised the EFCC’s action, describing it as a violation of a court order.
Reacting, the National President of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike described the arrest as an affront on the judiciary.
Okwu said it was strange that someone who returned to the country in line with her own averments before the court could be whisked away in such a manner.
He stressed that, “we had thought that the EFCC has stopped such action but this manner of arrest speaks volumes.
“From every record available, Aisha Achimugu filed an affidavit in court to voluntarily report to the EFCC today, Tuesday, then appear in court tomorrow, Wednesday.
“It is then strange that having returned to the country on her own volition, the EFCC had to swoop on her at the airport despite the subsisting court order.
“This confirms our earlier fears that her trial is political and is totally unfortunate.
“We urge the EFCC to respect the sanctity of the rule of law by releasing her.”
Okwu urged the commission to resist the temptation of being used by politicians to fight perceived political enemies.
In a significant restructuring of its management, the Nigerian National Petroleum Company (NNPC) Ltd has terminated the services of a number of senior staff members, ELANZANEWS understands.
Among those departing immediately are Bala Wunti, former chief of National Petroleum Investment Management Services (NAPIMS), and Ibrahim Onoja, managing director of the Kaduna Refinery.
Also asked to leave was Lawal Sade, the chief compliance officer and former managing director of NNPC Trading.
They are believed to be very close to Mele Kyari, who was removed as group chief executive officer (GCEO) on April 2, 2025.
ELANZANEWS understands that over 200 employees have been impacted, marking the beginning of what may be a series of staff changes.
This restructuring has resulted in an increased representation of women in senior leadership roles, including the appointment of Maryam Idrisu as managing director of NNPC Trading — responsible for all crude oil transactions — and Obioma Abangwu as chief liaison officer for board matters.
TheCable further understands that the changes have been positively received by the staff.
The directors were sacked four weeks after Bayo Ojulari took over from Kyari.
Three days after he assumed office, NNPC appointed an eight-member senior management team.
News
2025/2026 Academic Session: Federal University Of Applied Sciences Kachia, Get 18 Courses Approval From NUC
By Tambaya Julius, Abuja
The National Universities Commission (NUC) has officially approved 18 full-time programmes for the Federal University of Applied Sciences Kachia (FUASK). The approval was granted by Nigeria’s National Universities Commission (NUC), positions the university as a beacon of advanced learning and practical skills development in applied sciences and technology.
The announcement was made by FUASK’s inaugural Vice-Chancellor, Professor William Qurix, via an official release issued by the University Registrar, Professor Sanusi Gambo, on Tuesday in Abuja. Professor Gambo said that the newly approved courses will commence with the 2025/2026 academic calendar.
According to the registrar the approved courses reflect a strategic response to both domestic and international workforce demands, particularly within the sectors of science, healthcare, computing, and architecture. “The introduction of these programmes will enable FUASK to equip students with the professional expertise and hands-on experience required for modern job markets” He stated.
The programmes which include:
Bachelor of Medicine and Surgery
B.Sc. Software Engineering
Doctor of Pharmacy
B.Sc. Information Technology
B.Sc. Computer Science
B.Sc. Cyber Security
B.Sc. Environmental Resource Management
B.Sc. Microbiology
B.Sc. Biotechnology
B.Sc. Anatomy
B.Sc. Physiology
Bachelor of Medical Laboratory Science
Bachelor of Radiography
Bachelor of Health Information Management
Bachelor of Nursing Science (B.NSc.)
B.Sc. Architecture
B.Sc. Quantity Surveying
B.Sc. Industrial Chemistry
Speaking on the significance of the NUC approval, Professor Qurix expressed that the development marks more than just regulatory progress it is a clear indication of FUASK’s commitment to becoming a centre of excellence in applied scientific education and research.
“This achievement is a testament to our vision of delivering a modern, practice-oriented academic experience,” said Qurix. “It showcases our dedication to equipping students with innovative skills tailored to meet real-world challenges across vital sectors such as medicine, information technology, pharmacy, and environmental science.”
The Vice-Chancellor also emphasised that the approval wouldn’t have been possible without the unwavering efforts of the university’s academic and administrative staff. He praised their dedication in working meticulously to ensure that FUASK met the strict standards required by the NUC for programme accreditation.