Angola passes oil block tax reduction

LUANDA, February 27, 2018 –  The Angolan National Assembly has approved a reduction in the Petroleum Income Tax investment premium for Total’s Block 48, local media reported Monday.

Finance Minister Archer Mangueira, who submitted the request to Parliament, said this authorisation would affect taxes, fees and exemptions, taking into account the urgency of revenue collection. Minister Mangueira added that the block was quite complex and therefore had high R&D costs.

Block 48 is located in ultra-deepwater in the Lower Congo Basin and covers an area of approximately 3,565 square kilometres. If exploration is successful, production could begin in seven years. Total will work in a 50-50 JV with Sonangol P&P.

Read our latest insights on: