Petroleum Africa
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Friday, June 17, 2016
Angola is pushing its marginal fields and has enacted legislation aimed at just that. Pursuant to legislative authorization granted by Law No. 4/16, of May 17, 2016, the president of Angola Eduardo dos Santos enacted the authorized Presidential Legislative Decree No. 2/16, of June 13, 2016 (“PLD 2/16”), establishing the “Procedure and Incentives for the Adjustment of the Contractual and Fiscal Terms Applicable to Concessions Including Marginal Discoveries.”
According to Miranda Alliance, the legislation for marginal fields is part of the Angolan government’s ongoing petroleum reforms and is structured in two main parts. The first covers the procedure for declaration of a marginal discovery; and the second covers the incentives for the adjustment of the contractual and fiscal terms applicable to concessions including marginal discoveries.
The legislation includes incentives for the development of marginal discoveries which are aimed at ensuring an adjustment of the concession’s contractual and fiscal terms, and promoting investment by Sonangol E.P.’s associates and contractors carrying out petroleum operations. Such incentives are to be granted in a progressive manner in accordance with the inclusion of new marginal discoveries in qualified zones.
It also lays out what the government deems a marginal discovery and what the procedures are for moving forward to win approval to develop the asset.
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