A legal proposal has been put forward to the Angolan Parliament that aims to grant oil companies operating in the maritime zone of Cabinda greater benefits, including tax incentives.
The document falls under broader efforts by the state to incentivize exploration and production to promote long-term socioeconomic growth on the back of hydrocarbon exploitation, particularly across the Cabinda Maritime Zone – otherwise known as Block 0.
If passed, the Bill will endorse the powers of President João Lourenço to issue amendments to the tax regime applicable to the oil concession in Block 0, a prospect currently operated by the Cabinda Gulf Oil Company.
To date, the Constitutional Affairs, Economy and Finance Commissions of the Parliament have issued their joint opinion of the bill, with relevant parties agreeing both to its importance and timing.
