Cape Verde | 2018.05.23
CAPE VERDE SETS UP 'GREEN CARDS' FOR FOREIGN BUYERS OF REAL ESTATE
Law No. 31/IX/2018, of 23 April 2018, enters into force today thereby regulating the new legal status of Cape Verde-second residence owners, through the issuance of the so-called “Green Card”, which grants the right to permanent residence in the country.
Angola | 2018.05.22
NEW STATUTES FOR THE OIL AND GAS SECTOR
Following legislative authorizations by the National Assembly, the President of the Republic recently approved, by means of Presidential Legislative Decrees No. 5/18, No. 6/18 and No. 7/18, all of 18 May 2018, statutes that further implement the reform currently underway in the Angolan petroleum sector. The three statutes in question establish detailed legal frameworks for different aspects of upstream activities:
Angola | 2018.05.17
COMPETITION LAW GAZETTED
The competition law has just been published in the Official Gazette. Law No. 5/18, of 10 May 2018, will henceforth serve as basis for the regulation of a market economy with the inclusion, for the fist time, of competition parameters.
Angola | 2018.05.17
LEGISLATIVE AUTHORIZATIONS IN THE OIL AND GAS SECTOR
By means of Laws No. 6/18, No. 7/18, and No. 8/18, all of 10 May 2018, the National Assembly has authorized the President of the Republic to legislate, respectively, on (i) the adaptation of the contractual and fiscal terms applicable to petroleum concessions with marginal discoveries, (ii) the legal regime applicable to additional exploration activities within development areas of petroleum concessions in production period, and (iii) the establishment of a framework of fiscal incentives applicable to natural gas production activities.
Angola | 2018.04.24
COMPETITION LAW APPROVED
Pursuant to the fundamental constitutional principles for the organization and regulation of economic activities, which inter alia include a mandate for establishment of a market economy based on sound competition, the National Assembly approved last week a new competition law.
Angola | 2018.04.20
NEW BLOCKS AVAILABLE
Sonangol EP recently made public its intention to transfer part of its participating interests in offshore Blocks 20/11 and 21/09 to interested investors.
Angola | 2018.04.13
RULES ON ABANDONMENT OF WELLS AND DECOMMISSIONING OF PETROLEUM FACILITIES APPROVED
By means of Presidential Decree No. 91/18, of 10 Abril 2018, the President of the Republic approved the rules and procedures applicable to the abandonment of wells and decommissioning of oil and gas facilities in Angola (onshore and offshore).
Angola | 2018.04.03
MORE FLEXIBLE RULES ENACTED FOR HIRING OF OILFIELD CONTRACTORS
By means of Presidential Decree No. 86/18, of 2 April 2018, new rules and procedures applicable to public tenders were recently enacted for: (i) the selection of Sonangol EP associates; and (ii) the procurement of goods and services for petroleum operations. The new statute revokes Decree No. 48/06, of 1 September 2006, and entered into force on 2 April 2018.
Angola | 2018.03.29
INCREASE OF THE BANKS’ REGULATORY CAPITAL AND OWN FUNDS
By means of the Central Bank of Angola ("BNA") Order No. 2/18, dated 2 March 2018, the minimum amount of the bank’s regulatory capital and own funds was increased to 7,500,000,000.00 Kwanzas.
Angola | 2018.03.28
NEW PENALTIES FOR TRANSFERS OF FUNDS IN LOCAL CURRENCY
BNA Order No. 4/18, of 7 March 2018, amended the wording of Article 12 of Order No. 9/17, of 12 September 2017, which sets forth the deadlines for the execution of transfers and remittances and the provision of funds to beneficiaries in local currency.