Senegal is the latest African country to revise its hydrocarbon code as it seeks to grow its nascent petroleum oil and gas sector.

The Senegalese National Assembly approved the new code Thursday, in which 34 of the 75 articles were “reformulated for a better understanding and a greater precision,” according to a ministry statement. This new code will help in “safeguarding national interests in the oil chain, while maintaining the attractiveness of the region. to foreign investment,” according to the country’s petroleum and energy minister Mansour Elimane Kane.

The code, which was drafted in 1998, needed to be revised as the country has now emerged as an exploration hot spot due to recent offshore discoveries. Under the new code, state-owned Societe des Petroles du Senegal’s (Petrosen) has a 10% stake in all contracts but this can rise to 40% in certain circumstances.

Source: S&P Global Platts