The Lower Congo Basin is one of a series of prolific oil and gas producing basins along Africa’s Atlantic coast, which in Angola has yielded 24.8 billion boe of discovered resource to date. Significant yet-to-find volumes exist, particularly within the deepwater and ultra-deepwater Tertiary turbidite sandstones. Smaller volumes remain in the Cretaceous carbonate play on the shelf. Exploration activity levels have fallen in recent years, not least because of competition for rig time from the neighbouring Kwanza Basin. Issues for explorers include large signature bonuses, high exploration and development costs, and PSC terms that limit returns. Cost recovery terms are such that for the most capital intensive projects, companies may need the entire field life to recover their investment as cost oil. However, the cost recovery limit is more generous for the ultra-deepwater play, limiting the tax take.