Angola charts new path to encourage growth

摘要

The African nation has announced an overhaul to its energy framework in an effort to entice more private investment to the country to boost oil and gas output growth.Output of oil-which accounts for some 95% of Angolan export revenues and 70% of its tax collections-has declined from a peak of 1.9MM b/d in 2010 to 1.4MM b/d currently.As part of this regulatory overhaul,Angola launched a comprehensive round of licensing in June with the goal of auctioning off 55 blocks by 2023,with nine of these blocks located in the frontier Namibe Basin.Additionally,President Joao Lourenco has split the functions of state energy company Sonangol,which used to operate as both producer and regulator.The Angolan government is also looking to sell off the non-core assets held by Sonangol.The government has also restructured the tax code to make it more profitable for oil and gas firms to develop marginal fields as well as project connected to mature fields.