The chief executive of Portugal’s oil company Galp said on Tuesday that Angola’s tax legislation fails to stimulate companies from taking risks in oil exploration.
“The situation with tax legislation today for oil exploration in Angola does not stimulate risk taking,” Galp CEO Manuel Ferreira de Oliveira told a conference in Lisbon.
Galp has been investing heavily in projects such as Tombua-Landana in Angola that have helped the Portuguese company, mainly a refiner, boost its oil output.
