Mali to amend oil, mining law

Reading time 1 min.
Flag of Mali
Flag of Mali

The Malian government Tuesday passed a bill amending laws pertaining to oil research, mining, transport and refinery official sources indicated. A bill setting the conditions and modalities for extending the oil prospecting permits in Mali was also passed. The adoption of the bills is expected to help integrate in the oil code a provision opening ways to extend by two years the duration of the initial four-year pro specting permit. The measure seeks to give companies enough time to ensure a better asessment of the geological structures. In order to promote oil research in the country, the Malian government passed in 2004 a new oil code setting the conditions favouring investments in the sector. However, when implementing the bill, some difficulties emerged mainly regarding the provisions of the law on the duration of the research permit. Under article 12 of the law, the initial research duration is four years which is renewable in two succesive periods not exceeding three years each. Panapress.

Mali  Read latest news and features from Mali : business, politics, culture, life & style, entertainment and sports
Support Follow Afrik-News on Google News