• 26 mins ConocoPhillips Sets Price Ceiling For New Projects
  • 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 3 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 4 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 6 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 7 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 7 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 10 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 10 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
5 Hot Stocks In Today’s Most Competitive Markets

5 Hot Stocks In Today’s Most Competitive Markets

Cryptos, cannabis, cybersecurity and cobalt…

Tesla’ E-Truck Is A Big Thing For Energy Markets

Tesla’ E-Truck Is A Big Thing For Energy Markets

While skeptics have raised eyebrows…

Chevron’s Future Investment In Angola Depends On Revised Tax Terms

Petrol

Chevron is discussing revised and more attractive tax rules for investment in Angola with the local government and state-run oil company Sonangol—talks that will determine Chevron’s future investment in the country—Chevron Vice-president Jay Johnson was quoted as saying on Wednesday.

According to Angolan state radio, Johnson—who is visiting Angola—said, as quoted by Reuters:

Existing tax terms are not very attractive ... We have been working both with Sonangol and with various departments of the government of Angola so that we can make it feasible and we can invest. Our investment will depend on what will result from these negotiations.”

Angola’s economy has been struggling with the low oil prices, and talks over amending tax regimes might be difficult because the African country needs revenues, while international oil firms are trying to maximize profits in the lower-for-longer oil world.

The Angolan economy did not grow in 2016, and GDP is expected to increase by 1.5 percent this year, while consumer prices will continue to soar, according to projections by the International Monetary Fund (IMF).

Oil production and its supporting activities account for around 45 percent of Angola’s GDP and more than 95 percent of exports, according to data supplied by OPEC.

The OPEC supply-cut deal – to which it seems Angola has been adhering – has not affected Chevron’s production in the country, according to Johnson.

Angola was one of just three OPEC members that reduced their January output to the levels they had promised.

Related: Oil Prices Fall As Gasoline Glut Takes Its Toll

In Angola, Chevron operates through its wholly-owned subsidiary Cabinda Gulf Oil Company Limited in exploration and production: Angola LNG, an LNG plant in which Chevron holds 36.4 percent, and the Congo River Canyon Crossing Pipeline.

According to the Angolan government’s website, Chevron’s Johnson said that the U.S. company would continue to invest in the Angola LNG project, but he said that new investment was contingent on revised fiscal terms that the oil major is discussing with Sonangol and the government.

By Tsvetana Paraskova for Oilprice.com

More Top Reads For Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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