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Reforms amount from changes in tax law to changes in acknowledgment affairs and the aperture of bordering fields to African independents. Key measures accommodate the accumulation of upstream and after taskforces, the privatization of some Sonangol subsidiaries, and the conception of a new regulator to administer concessions. The measures are already alluring absorption from investors and establishing aplomb in the administration.
Angola’s abridgement is set for accretion in 2019, in ample allotment due to a alternation of authoritative reforms aperture the country to new investment.
Since entering appointment in 2017, President João Lourenço has focused on charwoman up bribery and implementing advancing reforms to transform the oil and gas area and the economy. The reforms, which amount from abysmal changes in tax law to changes in acknowledgment affairs and the aperture of bordering fields to African independents, accept hit the books aloof as the oil amount is stabilizing, and Angola is already alluring new absorption from investors.
Lourenço has fabricated key accessories to about-face the aisle of the oil and gas sector, conspicuously allotment Diamantino Azevedo the new Minister of Mineral Resources and Petroleum. The Ministry of Mineral Resources and Petroleum bound put calm a assignment force comprised of both all-embracing and calm stakeholders, including the Ministry of Finance, the Appointment of the President, Sonangol, BP, Chevron, ENI, Esso, Equinor, and Total. The assignment force has proposed improvements in several areas, including: simplifying the oil concessions administration process; implementing incentives for advance in bordering fields; and creating a accustomed gas authoritative framework.
By December 2018, several new laws accept been enacted, including:
The Accustomed Gas Authoritative Framework, which establishes behavior for the monetization of accustomed gas (both associated and non-associated gas) in absolute and new concessions; Incentives for investments, which alter from tax reforms to arrangement reforms, to animate bread-and-butter analysis and development of accustomed resources; Improved agreement to bigger acquiesce for analysis aural development areas in absolute blocks.
Considered one of the best important changes to Angola’s oil and gas sector, an absolute regulator has been created to administer the country’s oil and gas concessions, which were ahead handled by the state-owned Sonangol. The National Oil and Gas Agency is the new granter and administrator of concessions in a complete restructuring of the administration of Angola’s oil and gas industry. The move is advised to advance transparency, allure new advance and access output.
The reforms accept additionally addressed the after sector. The government has created a assignment force to focus on after issues, agnate to the upstream assignment force. The taskforce teams will focus on what is bare to body a aerial about-face refinery in the Lobito city and a refinery in Cabinda. Eight companies accept already been pre-selected for the Lobito refinery and seven called for the Cabinda refinery. Angola currently imports about 80 percent of its aesthetic petroleum products.
The measures arise to be alive — the World Bank’s bread-and-butter angle for Angola appear in December 2018 predicts GDP will abound by 1.7 percent in 2018 and 2.2 percent in 2019 — the aboriginal time the country will accept apparent absolute advance back 2014. An bigger broker ambiance is listed as a account for the improvement.
Mega oil and gas projects accept accomplished final advance accommodation back 2018, and several added are headed for FID in 2019 and 2020. A new licensing annular is accepted to allure new all-embracing campaign to the country, as able-bodied as advance the accord of Angola’s calm area by alms incentives for bordering fields.
Distributed by APO Group on account of Africa Oil & Power conference.
Read added on “In Summary: Angola’s Petroleum Reforms”: https://AfricaOilAndPower.com/2018/12/21/in-summary-angolas-petroleum-reforms/
Media contact: James Chester | Chief Agreeable Officer [email protected] | M: 27 (0)60 675 4850 abc Africa Branding Corporation | www.AfricaBranding.com
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