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Angola halves tax rates for the development of marginal oil fields

As part of a series of laws to boost domestic investment and raise oil production, the Angolan government has halved headline tax rates for marginal oil fields to 10% and the petroleum income tax to 25% percent; marginal fields are discoveries with reserves of less than 300 mbl. In addition, it has created a tax framework for predominantly gas fields (5% tax on production and 25% tax on income).



Besides, the authorities have created the Regulatory Institute for Oil Derivatives (IRDP), a new governmental body meant to regulate the market for petroleum derivatives, including the import and distribution of fuels, and natural gas. It will be based in Luanda and its leader will be chosen by the Minister of Petroleum and Mining.



The country's domestic production has started to decline and is expected to fall by 36% by 2023, from about 1.5 mb/d to 1.29 mb/d. This trend may be slowed down if new companies increase their investments.

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