• 6 minutes Can the World Survive without Saudi Oil?
  • 10 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 2 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 hour Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 4 hours WTI @ $75.75, headed for $64 - 67
  • 9 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 9 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 12 hours EU to Splash Billions on Battery Factories
  • 24 mins U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 9 hours China Thirsty for Canadian Crude
  • 11 hours Iranian Sanctions - What Are The Facts?
  • 14 hours Dow logs 830-point loss
  • 11 hours Two Koreas: U.N. Command Wrap Up First Talks On Disarming Border
  • 10 hours Shell, partners approve huge $31 billion LNG Canada project. How long till Canadian Federal government Environmentalates it into the ground?
  • 11 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
Alt Text

US Demands For More Oil Could Backfire

The State Department’s request for…

Alt Text

The Dark Horse Of The Oil Price Rally

Vietnam is set to break…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Can Angola Overcome Its Oil Production Decline?

Luanda Angola

OPEC member Angola is halving the tax rates on development of oil discoveries with less than 300 million barrels of reserves as new President Joao Lourenco is trying to incentivize oil and gas investment in the African country to stop the decline in oil production.

In a series of presidential decrees, Angola has just cut petroleum production tax on so-called marginal fields—such with less than 300 million barrels of reserves—to 10 percent from the typical 20 percent tax. The tax reforms also halved the petroleum income tax on marginal fields to 25 percent from 50 percent.

For gas reserves, Angola is introducing a new legislation for predominantly gas fields outlining the legislative and tax framework for companies to explore for, extract, and sell natural gas. Under the gas tax regime, petroleum production tax will be 5 percent and petroleum income tax 25 percent.

Angola is also introducing a more flexible regime for boundaries on blocks if reserves extend beyond the originally outlined concession block, as long as they don’t lie in an area that is already under a concession contract.

Angola—whose economy has suffered from the low oil prices in recent years—has also been struggling to attract international investments in its deepwater higher-breakeven oil resources. Related: EVs Could Erase 7 Million Bpd In Demand

Angola’s oil fields are maturing and are nearing depletion. Unless new investments are made in new discoveries, things will continue getting worse, the International Energy Agency (IEA) warned in its Oil 2018 report in March 2018.

Lourenco, Angola’s first new president since 1979, is trying to implement a reform package that could both spur economic growth and investment in the country’s oil resources.

Last month, Fitch Ratings raised its outlook on the African country to ‘stable’ from ‘negative’, saying that its prospects for economic recovery have improved significantly as a result of higher oil prices and fiscal reforms.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News