Arbitration and dispute resolution
The arbitration procedure shall be implemented by 3 arbitrators in accordance with the rules of conciliation and arbitration of the...
Audit mechanisms - financial obligations
The audited accounts of Addax Petroleum Benin and Abacan Resource must be submitted to the government no later than 3...
Cancellation or termination
In case of non-compliance by Addax Petroleum Benin and Abacan Resource with the provisions of this contract, the government may...
Confidentiality
All the reports, data and information obtained or prepared by Addax Petroleum Benin and Abacan Resource, to the extent where...
Environmental impact assessment and management plan
Addax Petroleum Benin and Abacan Resource must submit to the government, a general development program indicating, among others, the measures...
Environmental protections
Addax Petroleum Benin and Abacan Resource must submit to the government, a general development program indicating, among others, the measures...
Income tax: rate
Addax Petroleum Benin and Abacan Resource shall be required to pay, under the conditions and the due dates established by...
Infrastructure
The ownership of movable and immovable properties acquired for the petroleum operations shall be automatically transferred by Addax Petroleum Benin...
Local employment
Addax Petroleum Benin and Abacan Resource shall be at liberty to hire the personnel required to carry through the petroleum...
Local procurement
With regard to local procurement, Addax Petroleum Benin and Abacan Resource must give preference to subcontractors of Benin to the...
Location
Exploitation permits:
1-B) 6 05' 00" North 1 40' 00" East
2-C) 6 05' 00"...
Name of company executing document
Name of field, block, deposit or site
Other - financial/fiscal
Addax Petroleum Benin and Abacan Resource shall be released from any tax obligations which, by definition, are included in the...
Production Share - Cost Oil features (basis of calculation, limits on cost recovery - e.g. as % of revenue or production, capex uplift, etc.)
The petroleum costs that can be recovered will be limited every year to 75% for oil and 80% for condensate.
The...
Production Share - "Profit Oil features (triggers for variations in split - IRR, factor, production, etc .)
The remainder of the available crude every year after deduction of the recoverable petroleum costs shall be shared between the...
Signatories, company
Mr. Marc Lorenceau, president of Addax Petroleum Benin ; Mr. Jean Claude Gandur, President of Addax and Oryx Group ; Mr. Wade Cherwayco, President of Abacan Resource.
Signatories, State
Mr. Emmanuel Golou, Minister of Mines, Energy and Hydraulics, Government of Benin
Stabilization
If the laws or regulation of Benin in force on the date of signature and applicable for the execution or...
State agency, national company or ministry executing the document
Ministry of Mines, Energy and Hydraulics, in particular the direction of energy and the department of petroleum operations
State participation
The government shall have the option to acquire a maximum participation of 15% of the rights and obligations of Addax...
Term
The period covered by the contract shall be divided into two periods: an exploration period and an exploitation period. The...
Training
Addax Petroleum Benin and Abacan Resource shall undertake to offer adequate training to the Beninese citizens employed for the petroleum...
Water use
The government must cooperate in order to complete the procedures on behalf of Addax Petroleum Benin and Abacan Resource and...
Work and investment commitments
During the period of the contract, Addax Petroleum Benin and Abacan Resource shall carry out directly the exploration and exploitation...
Country
Benin
Signature Year
1997
Resource
Hydrocarbons
Type of Contract
Production or Profit Sharing Agreement
Open Contracting Identifier
ocds-591adf-3888035061
Disclosure Mode
Security exchange
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