Angola: Blocks 30, 44 and 45 – Improvement of Fiscal Terms

The fiscal terms applicable to Blocks 30, 44 and 45 in the Namibe Basin, Angola, have been amended and improved through Presidential Decrees 109/23, 110/23 and 111/23, of 3 May 2023. This follows a Memorandum of Understanding signed on 14 March 2023 between Angola’s national concessionaire and regulatory body, the National Agency for Oil, Gas and Biofuels (ANPG), national oil company Sonangol and U.S. supermajor ExxonMobil. ExxonMobil is the operator of the blocks with a 60% participating interest in the respective Risk Service Contracts (RSC), with Sonangol retaining a 40% interest.

The new, improved terms are as follows:

• Investment Premium – 40% on all amounts invested and capitalized in each fiscal year from 1 January of the year of commencement of production;
• Production Premium – A percentage on the volumes of oil and gas used to calculate gross income as follows: