12 February 2018

Angola: Oil Sector Prepares Fiscal Incentives Document

Luanda — The country's oil sector is finalising a document which revises the Executive Order on fiscal incentives and marginal discoveries, which will enable a boost in crude-oil production, informed last Friday, in Luanda, the secretary of State for Oil, Paulino Jerónimo.

The official spoke to the press at the forum that served to hear the opinions of entrepreneurs in relation to the trade sector, in the ambit of the Programme of Support to Production, Promotion of Exports and Replacement of Imports (Prodesi), which is being co-ordinated by the Ministry of Economy and Planning.

He explained that in light of the existing contracts, marginal discoveries are not economically viable, reason why there is a need to create fiscal incentives to develop them (marginal discoveries).

On the other hand, he said, the sector is also considering the drafting of a new and modern legislation on gas, since the objective is to bestow rights on companies that explore this natural resource.

According to Paulino Jerónimo, this document is almost finished and might be submitted to the President of the Republic (head of the Executive) still this month.

"So far, in the legislation that we have gas belongs to the state. Now, we need to give rights to those that discover it (...)", explained the secretary of State.

Currently, Angola's crude-oil production is of 1.6 million barrels per day, thus being the second main producer in the south Sahara region, after Nigeria.

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