Equatorial Guinea targets CHC Helicopter in compliance crackdown [Reuters]
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Source: Reuters
Equatorial Guinea targets CHC Helicopter in compliance crackdown | Reuters Reuters Staff 2 Min Read MALABO, July 18 (Reuters) - Equatorial Guinea has told petroleum operators including Exxon Mobil to cancel contracts they have with Canadian-based CHC Helicopter for failing to implement local content laws meant to create jobs, the oil ministry said on Wednesday. OPEC member and Africa’s third-largest oil producer, Equatorial Guinea’s national content regulations of 2014 state that agreements must make provisions for capacity building and give preference to local companies when awarding service contracts. “These laws are in place to protect and promote local industry, create jobs for citizens... and we are aggressively monitoring and enforcing compliance of these requirements,” said Gabriel Mbaga Obiang Lima, the minister of mines and hydrocarbons in a statement. The ministry has given oil companies operating in the Central African nation 60 days to unwind existing contracts and find ne
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