The Angolan parliament on Tuesday approved proposals to amend the laws on Oil Activities and Taxation of Oil Activities, the local press reported.

Angolan news agency Angop said the current development strategy of the sector has substantially altered the assumptions on which the sector models for management of oil resources have been based, both by the State and by the companies investing in oil exploration and production.

The change required an adjustment of Law 10/04 of 12 November – Oil Activities Law – to bring it into line with the current oil sector organisational model.

The new wording of the Oil Activities Law sets out a new model for organising the sector with the creation of the National Oil and Gas Agency, which has been assigned the role of the national concessionaire to replace state oil company Sonangol.

The legal diplomas in question were approved unanimously. (Macauhub)