Browsing: National Petroleum and Gas Agency

1. Legal analyses

1.1 Concept of Angolan oil company

Under Presidential Decree Law no. 3/12, of 16 March 2012 (hereinafter the “Presidential Decree”), an oil company – one which has its scope or object participating in oil operations – is deemed Angolan (= owned by Angolan) if the respective share capital are 100% owned by Angolan citizens.

1.2. Benefits to the Angolan oil company

The benefits granted to Angolan oil companies under the Presidential Decree are as follows:

• Exemption from the signature bonus. Given the phase of the operations, this benefit is not applicable to this case;
• Reduction of petroleum production tax rate from 50% to 30% (i.e., equal to the industrial tax rate);
• Reduction of petroleum income tax rate from 65,75% to 30% (i.e., equal to the industrial tax rate);
• Exemption from the contribution for the financing of the affiliates of the Concessionaire ;
• Exemption from the contribution for