A new concession for Block 6/24 has been awarded by way of Presidential Decree 177/25, of 8 October 2025. Block 6/24 is located in the Kwanza offshore basin.

The concession was awarded to a consortium comprised of the following companies:

• Sonangol – Exploração e Produção, S.A. (Operator) – 50%
• Redsky Angola Limited – 35%
• ACREP, S.A. – 15%

A Risk Service Contract was signed between the above companies.

The Exploration Phase will have a duration of 6 years from the signing of the RSC, and the Production Phase for each Development Area a duration of 30 years from the respective Declaration of Commercial Discovery.

A 30% Investment Premium was set on all capital expenditures incurred in each tax year from commencement of production.

A Production Premium was set as follows:

Law 11/25, of 2 October 2025, enacted the new legal framework on the “Creation, Organization, Functioning, Management, Supervision, Appraisal and Extinguishment of Public Funds” in Angola. Below is a summary of Law 11/25:

• Types of Public Funds – Public Funds may adopt one of the following types:
  1. Economic and Productive Development
  2. Investment, Saving and Macro Fiscal Stability
  3. Social Assistance
  4. Infrastructure
     Other types of Public Funds may be created on an exceptional basis.
• Guiding Principles – Public Funds must operate in accordance with the following main principles:
  1. Efficiency
  2. Transparency
  3. Sustainability
• Creation – Public Funds are created by order of the President of the Republic, which must be supported by a report justifying its need/opportunity, as well as its technical and economic feasibility. The instrument creating the fund must specify its (i) nature and objectives, (ii) management bodies and responsibilities, and (iii) sources of funding.
• Modalities – Each Public Fund will adopt one of the following modalities:
  1. Account Fund (Fundo Conta)
  2. Personalized Fund (Fundo Personalizado)

     Account Funds consist of financial resources deposited in Treasury accounts with the Angolan Central Bank (Banco Nacional de Angola) or the commercial banks. Management of such funds is done by a non-banking financial institution under a management contract. They aim to provide market returns and are subject to an investment policy to be approved by the President of the Republic.

     Personalized Funds consist of autonomous public assets, which have separate legal personality, administrative, financial and assets autonomy, and are created to pursue a specific public policy objective. They can only be created by the President of the Republic for a compelling public interest reason. Their objectives cannot overlap with other state bodies/entities and they must be capable of generating their own revenues to fully meet their costs.

• Funding – Each Public Fund will have an initial funding allocation included in the State Budget. Thereafter, the fund may receive regular funding from the state by way of assignment of revenues provided in the State Budget.
• Management – The management bodies of a Public Fund are jointly liable for the consequences of their management actions. The fund staff is subject to the Angolan Labor Law.
• External Audit – Public Funds will be audited by an external auditor based in Angola. The auditor must be replaced after 3 years. The auditor cannot provide any additional services to the fund, including tax advice, accounting, legal or other. In addition to the external auditor, the fund must appoint an independent auditor to its internal Audit Committee.
• Reporting – Public Funds must prepare and provide to the President of the Republic and the Audit Court regular management and accounts reports.
• Appraisal – Public Funds are subject to annual appraisal.
• Tax Regime – Public Funds are exempt from any taxes. However, they are required to withhold taxes from payments to third parties where applicable.
• Extinguishment – Public Funds are extinguished in the following cases:
  1. At the end of their duration in case of limited duration funds;
  2. In case the fund did not achieve the objectives set out at its inception;
  3. If the objectives of the fund have been fully accomplished.
• Existing Funds – Within 1 year of Law 11/25 coming into force, all existing funds will be subject to an evaluation in order to bring them into compliance with the new law. As part of this process existing funds may be restructured, merged or extinguished.

The Angolan executive has enacted the Regulations on the Production, Importation, Sale and Use of Single-use Plastic Products (SUPs) by way of Presidential Decree 170/25, of 22 September 2025. This initiative is part of the “2025-27 National Action Plan for the Phased Elimination of Single-use Plastic Products”.

Below is a summary of PD 170/25:

• The Regulations are applicable to all Single-use Plastic Products produced, imported, sold and consumed in Angola, as well as the economic agents involved in these activities, except the following:
  1. SUPs used in the oil and gas, health, cosmetics, personal hygiene, agriculture and construction industries which are subject to specific legislation;
  2. Biodegradable packaging and poly bags used exclusively for cleaning, hygiene and health;
  3. Poly bags for containing and transporting bulk or animal products, or for storage of wet food.
• Within 12 months of publication of the Regulations, it is prohibited the production, importation, sale or use of poly plastic bags with a thickness of less than 50 micron, as well as plastic straws, stirrers and plastic-stemmed cotton buds. Within 36 months of publication of the Regulations, this prohibition will extend to EPS and XPS cups, non-recyclable plates and cutlery and less than 500 ml PET bottles;
• The economic agents must offer consumers alternative products to the above which are reusable, biodegradable and compostable. The alternative products are listed in Presidential Decree 122/25, of 29 May 2025, which approved the “2025-27 National Action Plan for the Phased Elimination of Single-use Plastic Products”;
• The producers and importers of biodegradable plastic products must obtain a Biodegradable Certificate from the Ministry of Environment;
• Plastic bags up to 50 microns thick are subject to a fee to be established in specific legislation;
• The local authorities together with the Ministry of Environment are responsible for the collection of SPUs to prevent their dispersion in the environment;
• The Ministry of Environment shall develop strategies and awareness campaigns on the sustainable production and use of plastics, and the use of alternative, environmental friendly products;
• The following fines are applicable in case of breach of the Regulations:
  
  1. For individuals – a fine between a minimum of ¼ and a maximum of 50 minimum wages;
  2. For companies – a fine between a minimum of 10 and a maximum of 300 minimum wages.
     These fines will increase by 100% in case of repeated offences.
• In addition to the above fines, the following penalties may also be imposed:
  
  1. Loss of the objects that are involved in the offence;
  2. Full of partial shutdown of the relevant facilities for a maximum period of 2 years;
  3. Suspension of license or permit for a maximum period of 2 years.

By way of Executive Decree 688/25, of 27 August 2025, the Ministry of National Resources, Petroleum and Gas (MIREMPET) approved the Technical Regulations for the Oil and Gas Reserves Estimates.

This is a summary of Executive Decree 688/25 requirements:

• Subject entities: ED 688/25 is applicable to (i) the operators and (ii) the companies providing oil and gas reserves certification.
• Annual Report: Each operator must submit to ANPG (the National Concessionaire and regulator) an Annual Oil and Gas Reserves and Resources Report in the format attached to ED 688/25. The Annual Report must be submitted by 15th February each year. The report must be further consistent with the approved Development and Production General Plan for the respective contract area.
• PMRS: In preparing the Annual Report the operator must follow the most recent guidelines of the Petroleum Resources Management System (PRMS) published by the Society of Petroleum Engineers (SPE).
• Reserves and resources classification: Reserves/resources shall be classified in the Annual Report as follows:
  • Original Oil in Place
  • Proved Reserves (1P): Developed and Non-developed
  • Proved Reserves plus Probable (2P): Developed and Non-Developed
  • Proved Reserves plus Probable plus Possible (3P): Developed and Non-Developed
  • Contingent Resources (1C, 2C, 3C): per contingent resource and per contract expiration
  • Prospective Resources (1U, 2U, 3U): as included in the Annual Work Program
  • Accumulated Production

   Additionally, operator must also provide the following information:

• • Gas volumes used in the operations
  • Year-over-year comparative comparison of reserves/resources
  • All estimated volumes, including cost estimates
• Confidentiality: ANPG shall ensure confidentiality of all information provided by operator. However, ANPG shall use such information to prepare an “annual consolidated oil and gas reserves and resources report” for Angola by the 31st March of the following year.
• Language: The Annual Report and any related information must be produced by operator in Portuguese language.
• Reserves certification: In order to certify the reserves and resources, the operator must hire an independent certification entity registered with ANPG or an internal auditor certified by SPE.
• Project economic ring-fencing: Each project contained in the Annual Report and related reserves/resources information shall have a separate production plan and cash flow projection. Cash flow projections for calculating economic thresholds shall be prepared for each development area.
• Resource economic life: Estimates must take into account the resource economic life regardless of the length of the respective contract. Technically recoverable resources that extent beyond the contract term shall be classified as “contingent resources”.
• Information breakdown: Reserves/resources information must be provided per (i) contract area, (ii) basin, (iii) field, (iv) reservoir and/or (v) production area. Resources shall be classified as conventional or non-conventional.
• Prospective resources: Estimated volumes existing in undiscovered accumulations shall be classified as “prospective resources”.
• Project classification: Projects are classified as (i) commercial, (ii) subcommercial, and (iii) undiscovered.
• Recoverable volumes classification: Recoverable oil volumes are classified as (i) produced, (ii) reserves, (iii) contingent resources and (iv) prospective resources.
• Oil price: Oil and gas price projections shall be defined by ANPG in accordance with best international practice.
• Inspection/Audit: ANPG and/or MIREMPET may undertake audits and inspections to ensure compliance with the above requirements. ANPG shall prepare and send to operator audit reports describing problems identified and proposed corrective actions, if applicable.
• Independent verification: In case the volumes presented by the operator and the volumes estimated by ANPG are different in more than 10%, the latter may request verification of such volumes by an independent expert.

The operators have a grace period of 1 year to comply with the requirements of Executive Decree 688/25.

By way of Executive Decree 687/25, of 27 August 2025, the Ministry of National Resources, Petroleum and Gas (MIREMPET) has approved the Technical Regulations for the Annual Production Plan. The Annual Production Plan is the document to be prepared by the operator of an oil field and submitted to ANPG (the National Concessionaire and regulator) on an annual basis.

This is a summary of Executive Decree 687/25 requirements:

• The Annual Production Plan must contain annual forecasts for the following:
  1. Production of oil, gas and water;
  2. Movement of oil, gas and water;
  3. Natural gas flaring;
  4. Injection of special fluids in the reservoir to enhance oil recovery;
  5. Waste disposal.
• Production of oil, gas and water:
  • The data must be presented in the format of Table 1 attached to ED 687/25 and reflect the volumes forecasted to be effectively produced from each field. Where applicable, volumes per each production platform or FPSO must also be provided;
  • Information on condensate volumes must also be provided;
  • Natural gas production must be segregated between Associated and Non-Associated Natural Gas.
• Movement of oil and gas:
  • The data must be presented in the format of Table 2 attached to ED 687/25 and reflect forecasted volumes to be transferred from one field to another. This includes Natural Gas transferred between fields for injection or own use in the field;
  • Natural gas injection forecasts must be provided with a breakdown for secondary recovery and storage;
  • Forecast on natural gas to be used in each field must also be provided.
• Movement of water:
  • The data on water production associated with petroleum must be presented in the format of Table 2 attached to ED 687/25 and reflect the volumes forecasted to be effectively produced from each field;
  • The data must include the following detailed information:
    1. Water volumes for injection;
    2. Injection water for secondary recovery;
    3. Water volumes to be discharged, including location of such discharge.
• Gas Flaring:
  • The data must be presented in the format of Table 3 attached to ED 687/25;
  • Gas volumes flared in fields that share the same production facilities must be calculated pro-rata to each field production.
• Injection of special fluids:
  • The data must be presented in the format of Table 4 attached to ED 687/25;
  • The data must breakdown CO2, N2, vapor and other special chemical fluids.
• Waste disposal:
  • The data must be presented in the format of Table 5 attached to ED 687/25;
  • Information on waste disposal sites/locations must be provided.
• Deadline for submission:
  • The Annual Production Plan must be submitted to ANPG by the 15th of October each year.
• Revision:
  • The Annual Production Plan must be revised/updated in case the General Development and Production Plan and/or the Work Program and Budget is amended to include revised forecasts for production, injection levels, gas flaring, movement of fluids or discharge volumes.
• Audit & Inspection:
  • ANPG and/or MIREMPET may undertake audits and inspections to the operators to ensure compliance with the above requirements. The operators must facilitate and cooperate with such audits/inspections, including by promptly providing any information/data requested.
    
    

The operators have a grace period of 180 days to comply with the requirements of Executive Decree 687/25.

By way of Order 4/25, of 22 August 2025, the Angolan Central Bank (BNA) enacted a new legal regime for Electronic Currency Accounts. Below is a summary of Order 4/25:

• The following may open Electronic Currency Accounts:
  1. Resident individuals (nationals or aliens) for personal or commercial use;
  2. Nationals under the age of 18 (subject to parents’ authorization) for personal use;
  3. Non-resident alien individuals;
  4. Micro or small enterprises (as defined in Law 30/11, of 13 September 2011) for commercial use.
     
     
• Electronic Currency Accounts may be opened in person or through a digital online process;
  
  
• Electronic Currency Accounts may be of four (4) different types:
  1. Type I and II – Held by individuals for personal use;
  2. Type III – Held by individuals for commercial use;
  3. Type IV – Held by companies for commercial use.
     
     
• The following transactions are permitted in each type of account:

• BNA will define by separate Order the maximum transaction amounts/limits for Electronic Currency Accounts;
  
  
• No fees or commissions may be charged for the use of Electronic Currency Accounts;
  
  
• Funds in Electronic Currency Accounts must be reimbursed to clients within a maximum of 24 hours.

The service providers for electronic currency payments must comply with the Order 4/25 requirements within 180 days in the case of existing Electronic Currency Accounts or within 60 days in the case of newly opened accounts.

Ministry of Finance Executive Decree 675/25, of 15 August 2025, introduced a new organization of the Angolan Tax Administration consistent with the country’s current administrative structure adopted by Law 14/24, of 5 September 2024. The main features of the new organization are the following:

• Eight (8) “Tax Regions” were created as follows:
  • First Tax Region – Provinces of Cabinda and Zaire
  • Second Tax Region – Provinces of Malange, Cuanza Norte and Uíge
  • Third Tax Region – Provinces of Bengo, Luanda and Icolo and Bengo
  • Fourth Tax Region – Provinces of Benguela and Cuanza Sul
  • Fifth Tax Region – Provinces of Huíla and Namibe
  • Sixth Tax Region – Provinces of Cuando, Cunene and Cubango
  • Seventh Tax Region – Provinces of Lunda Norte, Lunda Sul, Moxico and Moxico Leste
  • Eighth Tax Region – Provinces of Huambo and Bié
• Each Tax Region encompasses the Tax Offices (“Repartições Fiscais”), Tax Stations (“Postos Fiscais”), Customs Delegations (“Delegações Aduaneiras”) and Customs Stations (“Postos Aduaneiros”).
• The following Tax Offices are included in each Tax Region:
  • First Tax Region – Tax Offices of Cabinda, Cacongo, Mbanza Congo, Soyo, N’Zeto, and Luvo;
  • Second Tax Region – Tax Offices of Malange, Uíge, Cazengo, Cambambe and Ambaca;
  • Third Tax Region – Tax Offices of Ingombota, Maianga, Sambizanga, Talatona, Kilamba Kiaxi, Viana, Cacuaco, Dande, Ambriz and Catete;
  • Fourth Tax Region – Tax Offices of Benguela, Lobito, Cubal, Baía-Farta, Sumbe, Porto Amboim, Gabela and Waku-Kungo;
  • Fifth Tax Region – Tax Offices of Môcamedes, Tômbva, Lubando, Humpata and Matala;
  • Sixth Tax Region – Tax Offices of Cuanhama, Ombadja, Menongue and Mavinga;
  • Seventh Tax Region – Tax Offices of Saurimo, Dundo, Luena, Cazombo and Luau;
  • Eighth Tax Region – Tax Offices of Humbo, Cáala, Bailundo and Cuito.
• In addition, there are two “Large Taxpayers Offices” (“Repartição Fiscal dos Grandes Contribuintes”) which have a nationwide scope. The “Second Large Taxpayers Office” includes the oil companies and the mining companies.

Angolan Central Bank (BNA) Order 1/25, of 30 April 2025, established new rules on the granting of loans and provision of guarantees by banks to Related Parties (including Directors and members of Relevant Management Bodies).

The following main rules apply:

1. The provision of loans/guarantees to Related Parties must be made in similar terms to those provided to Non-Related Parties. This includes the criteria for examining loan applications, risk assessment, loan duration, repayment schedule, interest rate, commissions and fees, request for guarantees, etc;
   
   
2. Loans/provision of guarantees to Related Parties must be approved by no less than 2/3 of the Board of Directors and obtain a favorable opinion from the Fiscal Council. Members who may have conflicts of interest must be excluded from voting;
   
   
3. Banks must keep an updated list of Related Parties (including Directors and members of Relevant Management Bodies) and detailed information on the bank’s financial exposure to each Related Party. Details of all Related Party transactions must be provided to BNA on a quarterly basis;
   
   
4. Annual audits must be carried out on all Related Party transactions and the results thereof must be submitted to BNA upon request;
   
   
5. The total amount of (direct and indirect) credit exposure, including through the provision of guarantees, by a bank to Related Parties cannot exceed 15% of its Tier 1 capital, excluding participations in foreign subsidiaries/branches and other BNA licensed banks, subject to the following individual limits:
   • 1% per person and 5% per legal entity, in case of holders of “qualified participations” (as defined in the Financial Institutions Law), including “group entities”;
   • 1% for all other persons or legal entities (not holders of qualified participations);
     
     
     If the credit exposure exceeds the above limits, the bank must inform BNA immediately and implement a plan to correct the situation within a maximum of 6 months;
     
     
6. The bank must keep records of transactions with a Related Party for at least 10 years after the person/entity ceased to be a Related Party.

Any existing loans at the time of publication of this Order which are at odds with the above rules (including the exposure limits) may run until the end of their term, however the loan amount and duration cannot be increased/extended, and the loan cannot be renewed.

Order 1/25 is not applicable when the State is the Related Party.

Presidential Decree 89/25, of 23 April 2025, approved the following agreement signed between Angola and the Democratic Republic of Congo:

“Agreement on the Management, Revenue Sharing and Compliance of Tax Obligations in relation to the Block 14/23 Concession Area located in the Common Interest Zone between Angola and the Democratic Republic of Congo”.

The Common Interest Zone was created in 2008 to allow for the joint exploitation of petroleum resources between Angola and the DRC. The zone was converted into Angolan Block 14/23 in 2023. The Block 14/23 area is located south of Angolan Block 14 and north of Blocks 1, 15 and 31.

The main provisions of the Agreement are as follows:

• The Agreement is binding on the two states (Angola and the DRC) and the companies undertaking activities and business in the Common Interest Zone/Block 14/23;
• The oil companies conducting petroleum operations in the Common Interest Zone/Block 14/23 are subject to the Angolan tax laws, including Law 13/04, of 24 December 2004 (Petroleum Activities Taxation Law);
• The tax revenues obtained from activities in the Common Interest Zone/Block 14/23 are shared 50%/50% between Angola and the DRC. This includes revenues from the following taxes:
  • Petroleum Income Tax
  • Surface Fee
  • Training Contribution
  • Stamp Tax
  • Value Added Tax (VAT)
  • Workers Compensation Tax
  • Property Tax
  • Road Tax
  • Bonus and contributions paid under the Production Sharing Contract
  • Penalties and fines
  • Any other taxes, fees or charges applicable on petroleum activities under Angolan law
• The oil companies comprising the Block 14/23 Contractor Group must make all tax payments into a Joint Account held by Angola and the DRC. The Joint Account funds are transferred on a monthly basis to each state (on a 50%/50% split);
• DRC state-owned oil company Sonahydroc, S.A. (or any other entity carrying out petroleum operations in the Common Interest Zone/Block 14/23 on behalf of the DRC) enjoys the same tax incentives applicable to national oil companies (state-owned or private) in Angola;
• The service providers to the Block 14/23 Contractor Group which are incorporated in the DRC or are majority owned by DRC nationals are exempt from Angolan Training Contribution;
• The DRC has the right to appoint 5 (five) representatives to participate in any audits carried out by the Angolan Tax Authority (AGT) in relation to Common Interest Zone/Block 14/23 activities. The states may retain external professional firms to assist in the audits;
• The Agreement is effective on the same effective date of the Block 14/23 Production Sharing Contract and will last for the duration of the contract.

Presidential Decree 84/25, of 16 April 2025, approved the Regulations on One-Stop Shop Platform for Granting Land Rights in Angola. This is one of the items included in the agenda of the Simplify Project approved by Presidential Decree 161/21, of 21 June 2021. Below is a summary of PD 84/25:

• Platform: The “One-Stop Shop Platform for Granting Land Rights” is a technological platform which aims to streamline the process whereby the state grants rights to land that is in its private domain. Public domain land and community land are excluded from this platform.
  
  
• Entities involved: The One-Stop Shop platform aggregates all public entities and services that are involved in the land granting process.
  
  
• Authority: The following entities are responsible for granting land rights:
  1. The Minister of Territorial Administration – In case of the following land:
     • Rural land between 1.000 and 10.000 hectares;
     • Uban land above 2 hectares;
     • Semi-urban land above 5 hectares.
  2. The Provincial Governor – In case of the following land:
     • Rural land between 100 and 1.000 hectares;
     • Urban land between 1 and 2 hectares;
     • Semi-urban land between 2 and 5 hectares.
  3. The Municipal Administrator – In case of the following land:
     • Rural land under 100 hectares;
     • Urban land under 1 hectare;
     • Semi-urban under 2 hectares.

However, in all cases the application for obtaining land rights must be submitted to the Municipal Administrator.

• Process: After filing the application with the Municipal Administrator, the following steps take place:
  1. The office of the Municipal Administrator makes a preliminary review of the application, collects the application fee and schedules an inspection of the land. Inspection is not necessary in allotted/subdivided areas;
  2. The Municipal Urban Management and Land Registry department forwards the file to the Angolan Geographic and Land Registry Institute (Instituto Geográfico e Cadastral) to confirm that there are no pre-existing rights to the land;
  3. The file is returned to the Municipal Management and Land Registry department which inspects the land, provides an opinion on the application and demarcates the land. Demarcation is not applicable in allotted/subdivided areas;
  4. If the authority to grant the right belongs to the Minister of Territorial Administration or Provincial Governor, the file is forwarded to the competent authority. The application is then processed by the Angolan Geographic and Land Registry Institute (Instituto Geográfico e Cadastral);
  5. The file is forwarded to the Tax Office for tax registration of the land;
  6. The competent authority grants the land right.
     
     
• Refusal: The application must be denied if:
  1. The land is part of the state’s public domain;
  2. The land cannot be used by a private person;
  3. In case of community land;
  4. In case of state’s land reserve;
  5. If a pre-existing right exists.
     
     
• Contract & Title: The land right is granted by way of signing a contract (“Land Rights Concession Contract”) and issuing a land title.
  
  
• Registration: The land right is registered with the Real Estate Registry (Conservatória do Registro Predial) and a registry certificate is issued.
  
  
• Pending applications: Applications pending at entry into force of PD 84/25 must be processed under the new One-Stop Shop platform.