Upstream landscape has transformed with majors exiting / rationalizing
New operators are focusing on field redevelopment and near field exploration in the shallow water and onshore
Infrastructure - including an extensive pipeline network, the Cap Lopez and Gamba terminals - is well developed and provides reliable export routes
New deepwater offshore round launched January 2019 offering 35 blocks. Petronas awarded two licenses in August 2019
New hydrocarbon code passed by Parliament in July 2019 with intention of attracting new investment. Highlights include reducing corporate tax from 35% to zero, adjusting royalties to suit acreage characteristics and exploitation periods for oil initially set at 15 years with renewals of 8 and 7 years
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