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Monday, Oct 14
Angola set to impose hefty taxes on oil producers
- Angola, Africa’s largest oil producer after Nigeria, is set to impose a consumption tax on oil companies that will raise some costs by as much as 10%.
- The law, which comes into effect with its publication that may happen as early as today, requires companies to follow a tax schedule that adds 5% to most services and supplies and double that for equipment rentals.
- BP, ConocoPhillips (COP) and Statoil (STO) are among oil explorers investing at least $3B in wells off Angola next year, drilling ~20 wells at a cost of $150M each.