Norwegian multinational energy firm Equinor has commended Angola’s recent Incremental Production Decree as a landmark reform that enhances the country’s ability to attract oil and gas investments, while boosting production and driving economic growth. The African Energy Chamber (AEC) (https://EnergyChamber.org/), as the voice of the African energy sector, proudly endorses Equinor’s statement recognizing Angola’s well-structured oil and gas reforms as a powerful model for attracting investment and boosting hydrocarbon development across the continent.

Angola's Incremental Production Decree, implemented in November 2024, introduces progressive fiscal terms aimed at attracting investment and boosting oil and gas production. The decree enhances the commercial viability of developing fields in mature blocks, underexplored areas and stranded resources, while encouraging exploration near existing infrastructure. By enabling increased recovery from producing fields and extending the lifespan of critical infrastructure, the decree is set to generate billions in offshore investments, create jobs and drive economic growth, solidifying Angola’s position as a leading oil and gas producer.

According to Nina Koch, Senior Vice President in Africa for Equinor, “The new terms are able to increase investment and boost oil and gas production in Angola, as they improve the commerciality of developing fields in mature blocks and underdeveloped areas.” Koch highlighted that these reforms pave the way for developing stranded resources, fostering exploration near existing infrastructure and enhancing recovery from producing fields – critical steps to counteract declining production.

This decree builds upon a series of bold measures Angola has undertaken in recent years to revitalize its oil and gas sector. These include regulatory simplifications, improved licensing rounds and fiscal adjustments that make the business environment more competitive and investor-friendly. As Koch noted, “This decree is certainly strengthening the business case for many projects in Equinor’s portfolio, including lifetime extension opportunities for infrastructure in our partnerships.” She emphasized that these initiatives could bring billions of dollars in offshore investments, create jobs and generate revenues that benefit Angola’s economy and society.

With Equinor’s endorsement, the Incremental Production Decree also aligns with broader strategies to extend the lifecycle of assets and maximize value. Koch added, “The new fiscal terms can work as a catalyst in our strategy to extend the longevity of our production outside Norway, while securing value for decades to come for our partnerships and the Angolan society.”

“The Angolan government deserves recognition for taking this step,” said NJ Ayuk, Executive Chairman of the AEC. “Equinor’s acknowledgment of these reforms underscores Angola’s leadership in adapting to industry demands, and we believe these efforts provide an outstanding case study for other African nations seeking to attract investment and foster sustainable energy development.”

The AEC remains committed to supporting initiatives that unlock the full potential of Africa’s energy resources. Angola’s success demonstrates the transformative power of proactive governance, innovative fiscal policies and collaboration between governments and industry leaders.