The benefits from exploration, if the prospecting and research phase is successful, can generate significant revenue for the government through taxes, royalties and other forms of taxation, argues economist
The extension of petroleum activities in the Concession area of the Northern Block of the Cabinda Land Zone runs from April to September 30 of the current year, and grants the National Concessionaire (ANPG) mining rights for prospecting, research, evaluation, development and production of liquid and gaseous hydrocarbons.
In accordance with Decree No. 46- R/92, with a view to carrying out petroleum activities, ANPG signed a production sharing contract with the contractor through which the contractor assumed all obligations inherent to the contract.
For economist Henrique Pascoal, the extension could have a positive impact on the local and national economy, in addition to contributing to the country’s energy security. The economist argues that extending the research period allows for a more detailed and complete exploration of the resources available in the area, which can lead to a better understanding of the region’s geology, natural resource deposits and environmental conditions.
Henrique Pascoal understands that with more time to collect data and perform analysis, stakeholders will have more detailed and accurate information to guide their decisions about the future development of the area, which could include energy companies, for example, the local government and other parties involved in the sector. “Extending the research phase increases the chances of discovering additional reserves of natural resources, such as oil, natural gas or minerals. This could have a positive impact on the local and national economy, as well as contributing to the country’s energy security,” he highlighted.
Local benefits
Regarding the benefits for Angola, with the exploration of the Cabinda Block, if the prospecting and research phase is successful, it can generate significant revenue for the government through taxes, royalties and other forms of taxation.