Angola Advised to Generate More Tax Revenue

Angola Advised to Generate More Tax Revenue

From Bloomberg

Angola’s former Petroleum Minister Albina Faria de Assis Pereira Africano urged the nation to study cutting the size of oil blocks to generate more tax revenue.

The country should also bring in an oil supervisory body that doesn’t operate fields itself, according to Africano, who was the first chairman of state oil company Sonangol in 1991 to 1992 and now advises President Jose Eduardo dos Santos. Her recommendations were detailed in a book published yesterday.

The southwest African country is looking to boost revenue from its oil resources, which have made it the biggest crude producer on the continent behind Nigeria. Reducing block sizes would add concessions, potentially luring more explorers to the nation’s waters, where Chevron Corp. (CVX) and BP Plc (BP/) already operate.

The Ministry of Petroleum’s inspectorate should oversee oil exploration as it’s not an operator and can best supervise the implementation of technical, environmental and economic rules, Africano said. Sonangol currently monitors the concessions.

Read more at bloomberg.com