This Law establishes the legal framework governing the prospecting, exploration, production, transport and supervision of hydrocarbons in Guinea-Bissau. It reaffirms the State’s exclusive and inalienable ownership of all petroleum and natural gas resources located within the national territory, continental shelf and exclusive economic zone, while defining the conditions under which such resources may be developed through partnerships between the national petroleum company, PETROGUIN, and private commercial entities. The law regulates the allocation of exploration licences and production concessions, the structure of petroleum association contracts, the rights and obligations of operators, and the fiscal regime applicable to petroleum activities, including royalties, income taxes and supplementary taxation. It also establishes procedures for licensing, commercial discoveries, production rights, transportation and domestic market supply obligations. A further objective of the law is to ensure that petroleum development contributes to national economic interests while safeguarding environmental and social considerations. The legislation requires environmental impact assessments, adherence to good petroleum industry practices, protection of natural resources, and measures to prevent and mitigate environmental damage. It promotes the participation of PETROGUIN in petroleum operations, encourages local employment, professional training and the use of national goods and services, and provides mechanisms for government oversight, transparency and fiscal control. The law also regulates access to land, infrastructure development, abandonment obligations, dispute resolution and penalties for non-compliance, thereby creating a comprehensive framework for the sustainable management of Guinea-Bissau’s hydrocarbon resources.
几内亚比绍 · 2014-02-21