Local content: should Total, Chevron, ENI, ExxonMobil and BP be worried?

摘要

President João Lourenço's administration has been working on it for nearly five years. The local content decree, which sets out new rules for the involvement of local companies in the oil industry is now ready. Decree number 271/20, which is dated 20 October, concentrates mainly on services and labour. It provides for sanctions to be imposed on the foreign oil companies active in Angola - Total, ENI, Chevron, ExxonMobil and BP - if they fail to respect certain rules. They face fines ranging from $50,000 to $300,000, which can be doubled for repeat offences, in a sector where offences of this kind are numerous. Companies also face the possibility of having their operations suspended for up to two years.