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Study on the Influence of Angola Marginal Oil Field Act on the Development Value of Seep Sea Oil Field

Wei Pei;SINOPEC Petroleum Exploration and Production Research Institute;  
Angola is the largest oil exporter in Africa for China, and also an important economic trade partner of China in Africa.More than 90 percent of Angola's crude oil comes from the Lower Congo Basin in deep and ultra-deep water, making exploration and development more expensive.As a result, international oil companies have cut or slowed down investment, which have affected Angola's fiscal revenue.In order to change the situation, the Marginal Oil Field Act came into being, which has a positive impact on deep-sea oil fields, especially those with marginal economic benefits.The Angolan government transfers part of its economic benefits to oil companies and encourages the development of deep-sea marginal oil fields, which can not only increase domestic crude oil production, but also increase government fiscal revenue and promote employment and economic development, so as to achieve a win-win situation between the Angolan government and oil companies.
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