Angola grants new tax incentives for Chevron, TotalEnergies and BP oil blocks to attract upstream investment
The Angolan government has approved additional tax incentives for four offshore oil blocks in a move aimed at attracting investment into areas considered to carry high operational complexity and significant geological risk.
The decision was taken during an extraordinary session of the Council of Ministers held on Monday at the Presidential Palace, chaired by President João Lourenço.
The measures are intended to improve the commercial attractiveness of the affected concession areas and support continued upstream exploration and production activity.
The incentives will apply to Block 33/24 operated by Chevron, Blocks 17/25 and 32/21 operated by TotalEnergies, and Block 19 operated by BP.
The proposals authorise the President, as head of the executive, to legislate on the allocation of the tax incentives through Presidential Legislative Decrees. These decrees will subsequently be submitted to the National Assembly for approval.
Alongside the tax measures, the Council of Ministers reviewed a series of related presidential decrees granting Angola’s national concessionaire, the National Agency for Petroleum, Gas and Biofuels (ANPG), mining rights for the same concession areas.
These rights cover the full upstream value chain, including prospecting, exploration, evaluation, development, and production of liquid and gaseous hydrocarbons.
The decrees also establish production and investment premiums and authorise the signing of risk service contracts for the respective blocks.
However, the government did not disclose the specific structure or value of the tax incentives, nor the size of the production and investment premiums associated with each block.
In addition to petroleum sector measures, the Council of Ministers approved a draft resolution submitting a framework agreement between Angola and the Republic of Korea to the National Assembly.
The agreement relates to loans from South Korea’s Economic Development Cooperation Fund, aimed at supporting development financing cooperation between the two countries.
The meeting also reviewed draft legislation setting out the technical and procedural guidelines for the preparation of Angola’s 2027 General State Budget and the 2028 interim expenditure framework.
The document defines the methodology and standards to be followed by public administration bodies during the budget planning process, ensuring consistency in fiscal planning and expenditure management.
