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Angola Upstream Fiscal and Regulatory Report - Improved Onshore Terms Colud Signal Similar Incentives for Offshore Round

Summary

“Angola Upstream Fiscal and Regulatory Report - Improved Onshore Terms Colud Signal Similar Incentives for Offshore Round”, presents the essential information relating to the terms which govern investment into Angola’s upstream oil and gas sector. The report sets out in detail the contractual framework under which firms must operate in the industry, clearly defining factors affecting profitability and quantifying the state’s take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Angola’s upstream oil and gas investment climate.

Scope

- Overview of current fiscal terms governing upstream oil and gas operations in Angola
- Assessment of the current fiscal regime’s state take and attractiveness to investors
- Charts illustrating the regime structure, and legal and institutional frameworks
- Detail on legal framework and governing bodies administering the industry
- Levels of upfront payments and taxation applicable to oil and gas production
- Information on application of fiscal and regulatory terms to specific licenses
- Outlook on future of fiscal and regulatory terms in Angola

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Angola’s upstream oil and gas sector
- Evaluate factors determining profit levels in the industry
- Identify potential regulatory issues facing investors in the country’s upstream sector
- Utilize considered insight on future trends to inform decision-making

Table Of Contents

Angola Upstream Fiscal and Regulatory Report - Improved Onshore Terms Colud Signal Similar Incentives for Offshore Round
1 Table of Contents
1 Table of Contents 1
1.1 List of Tables 2
1.2 List of Figures 2
2 Regime Overview 3
3 Fiscal Take Assessment 7
4 Key Fiscal Terms - Production Sharing Agreements 8
4.1 Upfront Payments 8
4.1.1 Signature Bonus 8
4.1.2 Production Bonus 8
4.1.3 Surface Fees 8
4.1.4 Training Fee 8
4.1.5 Additional Contributions 8
4.2 Cost Recovery 8
4.2.1 Cost Recovery Limit 8
4.2.2 Recoverable Costs 8
4.2.3 Investment Allowance (Uplift) 9
4.3 Profit-Sharing 9
4.3.1 Rate of Return Mechanism 9
4.3.2 Cumulative Production Mechanism 10
4.3.3 Price Cap Excess Fee 10
4.4 Natural Gas 10
4.5 Direct Taxation 11
4.5.1 Petroleum Income Tax 11
4.6 Indirect Taxation 11
4.6.1 Consumption Tax 11
4.6.2 Customs Duties and Fees 12
5 Key Fiscal Terms - Risk Service Agreements 13
5.1 Upfront Payments 13
5.1.1 Signature Bonus 13
5.1.2 Additional Contributions 13
5.1.3 Surface Fees 13
5.1.4 Training Fee 13
5.2 Payment in Kind 13
5.3 Taxation 14
5.3.1 Petroleum Production Tax (PPT) 14
5.3.2 Petroleum Income Tax 14
5.3.3 Petroleum Transaction Tax 14
5.3.4 Deduction and Depreciation 14
5.3.5 Production Allowance 14
5.3.6 Investment Allowance 15
6 Key Fiscal Terms - Concession Agreements 16
6.1 Upfront Payments 16
6.1.1 Bonuses 16
6.1.2 Surface Fees 16
6.1.3 Training Fee 16
6.1.4 Petroleum Production Tax 16
6.2 Taxation 16
6.2.1 Petroleum Income Tax 16
6.2.2 Petroleum Transaction Tax 16
6.2.3 Deductions and Depreciation 16
6.2.4 Allowances for Petroleum Transaction Tax (PTT) 17
7 Regulation and Licensing 18
7.1 Legal Framework 18
7.1.1 Governing Law 18
7.1.2 Contract Type 18
7.1.3 Title to Hydrocarbons 18
7.2 Institutional Framework 19
7.2.1 Licensing Authority 19
7.2.2 Regulatory Authority 19
7.2.3 National Oil Company 19
7.3 Licensing Process 19
7.3.1 Licensing Rounds 19
7.3.2 Prequalification 20
7.3.3 Bidding 20
7.4 License Terms 20
7.4.1 Duration 20
7.4.2 Obligations 20
7.4.3 Purchasing Rights 20
7.4.4 Local Content 21
7.4.5 State Participation 22
8 Outlook 23
9 Contact Information 24

1.1 List of Tables
Table 1: Summary 3
Table 2: Angola, Additional Contributions (US$ million), Blocks 20 and 21 8
Table 3: Angola, Representative Profit-Sharing Framework (Rate of Return Mechanism), Block 20 9
Table 4: Angola, Quarterly to Annual Compound Rate Conversions (Block 20) 10
Table 5: Angola, Representative Profit-Sharing Framework, 2015 Model (Block CON 1) 10
Table 6: Angola, Representative Profit-Sharing Framework, 1979 Model* (Block 2) 10
Table 7: Angola, Qualifying Services for Consumption Tax Exemptions for Oil and Gas Firms During Specific Project Phases 11
Table 8: Angola, Consumption Tax Rates, Services 11
Table 9: Angola, RSA Payment in Kind, Block 9 13
Table 10: Angola, RSA Payment in Kind, Block 21 13
Table 11: Angola, Quarterly to Annual Compound Rate Conversions 14
Table 12: Angola, Production Allowance, Block 9 15
Table 13: Angola, Production Allowance, Block 21 15
Table 14: Angola, Petroleum Production Tax Rates, Concession Agreements 16
Table 15: Angola, Investment Allowance (Deduction from PPT) 17
Table 16: Angola, Production Allowance (Deduction from PPT) 17
Table 17: Angola, Representative Contract Periods 20
Table 18: Angola, Local Procurement Regimes (Decree 127/03) 21

1.2 List of Figures
Figure 1: Regime Flow Chart - Production Sharing Agreements 4
Figure 2: Regime Flow Chart - Risk Service Agreements 5
Figure 3: Regime Flow Chart - Concession Agreements 6
Figure 4: Angola, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Internal, 2015 7
Figure 5: Angola, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Regional, 2015 7
Figure 6: Angola, Legal Framework 18
Figure 7: Angola, Institutional Framework 19

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