• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 days Wind droughts
  • 2 days ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 11 hours Xi Is Set To Be Re-Elected As China’s Leader
  • 9 days Oil Prices Fall After Fed Raises Rates
  • 10 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 14 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Why Oil Prices Could Continue To Fall

Why Oil Prices Could Continue To Fall

Despite the bullish news of…

Another Disappointing Week For U.S. Oil Rigs

Another Disappointing Week For U.S. Oil Rigs

U.S. drillers remain cautious to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Can Angola Overcome Its Oil Production Decline?

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:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News