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Monday, August 5, 2013
Angola’s state-run firm Sonangol, in an effort to spur investment in the southern part of the country, will offer Risk Services Agreements (RSAs). The RSAs are expected to be used only in select circumstances and the PSAs will continue to be the agreement of choice in some arenas of exploration.
Currently the only RSAs Sonangol has entered into are for blocks 9 and 21; however, the state-run firm expects this to increase because of the advantages of direct negotiations with potential operators. Unlike a PSA where under the agreement profits from the oil production are split between operators and Sonangol, an RSA is a partnership wherein the government pays the oil company a fee to explore an area, and if commercial production is viable, the government pays the firm for its extractive services but they are not entitled to what is produced.
As Angola begins to license its ultra-deepwater areas in the medium term, incentives are likely to be required to counter the increased costs and risk associated with drilling in these areas, Globaldata reported.
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