The Mauritanian National Assembly has approved the cooperation agreement on the development and exploitation of the reserves of the Great Turtle Ahmeyim gas field, straddling Mauritania and Senegal, reports said on Tuesday.
Struck between the two countries on 9 February 2018 in Nouakchott, this agreement constitutes the legal framework of the oil activities in this area and sets out the general principles governing these activities such as the rights and commitments of the contractors, the mechanisms of distribution of production, the charges and the tax system.
Speaking to MPs on this occasion, the Mauritanian minister of Oil, Energy and Mining, Mohamed Ould Abdel Vetah, explained that his country has used international consulting firms to ensure compliance of the provisions of the agreement with international practices.
He reassured that the sharing of the production of hydrocarbons and all the expenses for the prospecting, the development, the production and the rehabilitation operations will be done in a fair way (fifty-fifty) between Nouakchott and Dakar.
According to him, this distribution scheme will remain in force provisionally until redefinition of shares that will take place within 5 years after the launch of production.
Ould Abdel Vetah recalled that the global reserves of the Great Turtle Ahmeyim field oscillate between 15 and 20 trillion cubic feet of gas, or about 450 billion cubic meters.
He pointed out that the environmental impact of the exploitation of this field was the subject of a study with positive results, in compliance with international laws.
The minister also said that the agreement reaffirms the total sovereignty of both countries under international law.