A look at Angola’s new oil-licensing strategy (2019 – 2025)
By Adriano Rioja Ciprian, Associate Attorney, Centurion Law Group (http://CenturionLG.com)
In yet another landmark reform for its hydrocarbons sector, Angola released in February 2019 a new Presidential Decree detailing the country’s oil licensing strategy for the next six years.
Published in February 2019, Presidential Decree No. 52/19 is a continuation of the Lourenço administration’s efforts to incentivize investments into exploration and arrest declining output. Angola’s oil production has been decreasing since its peak of almost 1.9 million bopd in 2008 to reach 1.478 million bopd last year.
With the objective of “increasing the production of oil and gas” and “ensuring the substitution of reserves to replace the evident decline in production in recent years,” the new decree hence defi...