Country Report

Angola upstream summary

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10 September 2019

Angola upstream summary

Report summary

Angola is Sub-Saharan Africa's second largest oil producer behind Nigeria. Oil production is underpinned by prolific deepwater acreage which was explored in the 1990s. The first of many major deepwater developments on blocks 14 to 18 began in 1999 when Chevron's Kuito came onstream. By 2005, four other world-class deepwater projects were producing from Total's Block 17 and ExxonMobil's Block 15. As a sign of its growing international importance, Angola joined OPEC in ...

Table of contents

  • Executive summary
  • Key facts
  • Location maps
  • Key companies
    • Introduction
      • Plate Tectonic Evolution
    • Stratigraphy
    • Lower Congo Basin
      • Pre-salt sequence
      • Aptian Salt Unit
      • Post-Salt Sequence
    • Kwanza Basin
      • Pre-Salt Sequence
      • Aptian Salt Unit
      • Post-Salt Sequence
    • Namibe Basin
    • Licensing
      • Early exploration
      • 2005/2006 Licensing Round
      • 2007/2008 Licensing Round (postponed)
      • 2010/2011 Kwanza Basin Licensing Round (pre-salt)
      • Angola 2013 Onshore Pre-salt Round (Cancelled)
      • 2019 Namibe Basin Round
    • Drilling
      • Drilling activity
    • Oil Reserves
    • Gas Reserves
    • Liquids Production
    • Gas
    • Oil infrastructure
      • Luanda Refinery
      • New refineries
    • Gas infrastructure
    • Angola LNG
      • LNG Plant
      • Gas supply and associated pipelines
    • Capital costs
      • Capital expenditure by location
    • Operating costs
      • Operating expenditure by location
    • Key legislation
    • State oil company
    • State participation
    • Licensing
    • Overview
    • Upstream
    • Mid/Downstream
      • Pipelines
      • Gas Utilisation
    • Current fiscal terms
    • Production Sharing Contracts
      • NOC equity participation
      • Bonuses, rentals and fees
    • Royalty and other production taxes
      • Royalty
      • Import duty
      • Export duty
      • VAT
      • Environmental & CO² taxes
      • Other Production Taxes
      • Domestic Market Obligation (DMO)
      • Contractor Revenue Entitlement
      • Product Pricing
      • PSC Cost Recovery
      • Recoverable Costs
      • Investment uplift/credit
      • Cost Carry Forward
      • PSC Profit Sharing
      • Corporate (or Petroleum) Income Tax
      • For international companies, a Petroleum Income Tax (PIT) of 50% is levied on the contractor's share of profit oil. In 2012, a reduced rate of 35% was introduced for domestic oil companies when partnering with Sonangol. Our model assumes an international investor perspective.
      • Gas taxation was introduced in May 2018, under Decree 17/8, at rate of 25%. Non-associated gas projects equal to or less than 2 Tcf will attract a reduced rate of 15%. Historic gas production will continue under previous arrangements unless contracts are renegotiated. Deepwater fields under marginal field terms are allowed a reduced income tax rate of 25%. Costs are depreciated for PIT in the same manner as cost recovery. Associated gas costs are recovered against oil income. Losses can be carried forward indefinitely..
      • Additional Profits Taxes
      • Fiscal/Contractual Ring-Fences
      • Dividend Withholding Tax
    • Cabinda Concession: Post-January 1982 Terms
      • NOC equity participation
      • Carry & Reimbursement
      • Bonuses, rentals and fees
      • Production bonuses
      • Area rentals
      • Training fees
      • Other bonuses and fees
      • Import duties
      • Royalty
      • Export duty
      • Environmental & CO² taxes
      • Other Production Taxes
      • Domestic Market Obligation (DMO)
      • Investment uplift/credit
      • Corporate (or Petroleum) Income Tax
      • Taxable Income
      • Tax Rate
      • Additional Profits Taxes
      • Fiscal/Contractual Ring-Fences
      • Dividend Withholding Tax
    • Risk Service Agreement (RSA)
      • Carry & Reimbursement
      • Bonuses, rentals and fees
      • Training fees
      • Other bonuses and fees
      • Import duties
      • Export duty
      • Environmental & CO² taxes
      • Other Production Taxes
      • Domestic Market Obligation (DMO)
      • Service Fee
      • Petroleum Production Tax (PPT)
      • Petroleum Transaction Tax (TTP)
      • Corporate (or Petroleum) Income Tax
      • Taxable Income
      • Tax Rate
      • Fiscal/Contractual Ring-Fences
      • Dividend Withholding Tax
    • Marginal field terms
    • Historical background
      • Pre-1970
      • 1970s-1980s
      • Production Sharing Contracts
      • 1990s

Tables and charts

This report includes 30 images and tables including:

  • Key facts: Table 1
  • Country Map
  • Remaining Commercial and Technical Reserves at 01/01/2019
  • Net Acreage 2019
  • Liquids and Gas Production 2020
  • Oil/Liquids
  • Production: Table 2
  • Reserves and resources: Table 1
  • Reserves and resources: Table 2
  • Liquid Reserves by Sector
  • Reserves and resources: Table 3
  • Liquids Production by Region
  • Gas Production
  • Fiscal terms: Table 6
  • Map of Angolan Petroleum Basins
  • Major Tectonic Phases, Stratigraphic Events and Depositional Stratigraphy of Angola
  • Exploration: Table 1
  • Exploration: Table 2
  • Planned Licence Round Map
  • Angolan Exploration Drilling by Region
  • Exploration Drilling by Basin
  • Costs: Table 1
  • Costs: Table 2
  • Costs: Table 3
  • Costs: Table 4
  • Fiscal terms: Table 1
  • Fiscal terms: Table 2
  • Fiscal terms: Table 3
  • Fiscal terms: Table 4
  • Fiscal terms: Table 5

What's included

This report contains:

  • Document

    angola block summary.xls

    XLS 131.00 KB

  • Document

    Country Overview

    PDF 11.20 MB

  • Document

    Country Overview

    XLS 450.00 KB

  • Document

    Country Overview

    ZIP 11.22 MB

  • Document

    Executive summary

    PDF 699.65 KB

  • Document

    Key facts

    PDF 684.00 KB

  • Document

    Location maps

    PDF 4.54 MB

  • Document

    Key companies

    PDF 726.85 KB

  • Document

    Geology

    PDF 4.68 MB

  • Document

    Exploration

    PDF 3.17 MB

  • Document

    Reserves and resources

    PDF 731.23 KB

  • Document

    Production

    PDF 741.38 KB

  • Document

    Infrastructure

    PDF 713.43 KB

  • Document

    Costs

    PDF 719.42 KB

  • Document

    Policy and regulation

    PDF 696.17 KB

  • Document

    Fiscal terms

    PDF 757.76 KB

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