Luanda, ANGOLA, December 28 - The Cabinet Council analysed last Wednesday, in Luanda, the bill on the request for parliamentary authorisation to the head of the Executive, President João Lourenço, to legislate on fiscal matters.,

According to a communiqué by the Cabinet Council, the intention is to establish an investment premium of about 40 per cent for the operations in the Block 48 oil exploration area.

 

Block 48 is located in the ultra deep waters of Angola, meaning it has a complex characteristic for prospecting works, coupled with a high risk level considering its geological condition.  

 

Since 2015, the state-owned National Fuel Society (Sonangol) detains the concession rights for Block 48.  

 

The same Cabinet Council session also analysed another legislative authorisation request bill, which enables the head of the Executive to pass a legislation on the country’s cartography and geodesy.

 

After such procedure, the referred documents will be submitted to the National Assembly (Angolan Parliament).

 

The Cabinet also approved the Organisational Structure of several ministerial departments.

 

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