0.875
%
Positive
61
mm boe
53
%
The O&G sector remains open to smaller E&P participants as the region is largely overlooked by the majors. Stable fiscal regime allows for confidence in long term investment, however, there is no Stability Provision in the standard form PSC. Nevertheless, the increased focus on attracting FDI is improving the environment, allowing us to raise our outlook to Positive.
January 25, 2024
Africa - West
mm bbl
bcf
Western Africa, bordering the Bight of Benin, between Nigeria and Togo.
PSC/PSA
The tax and legal regime applicable to oil companies operating in Benin depends on the date on which the petroleum contract was signed. Petroleum contracts signed with the Beninese Authorities before 17 October 2006 are governed by the Petroleum Code dated 13 April 1973
Benin continues efforts to attract private investment in support of economic growth amidst reports of high-level corruption among government insiders and occasional failure to respect foreign investment contracts. The Investment and Exports Promotion Agency (APIEX) is a one-stop-shop for promoting new investments, business startups, and foreign trade. In 2020, APIEX worked with foreign companies to facilitate new investments, though some companies reported that the agency was under-resourced and hamstrung by bureaucratic red tape in other agencies and ministries. APIEX reported that business creation increased to over 51,000 in 2021 from 13,000 in 2015.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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