Oil exports yield 584.1 billion kwanzas The export of 33.6 million barrels of oil at an average price of US$111.3, in the month of August, generated global revenue for the country of 584.1 billion kwanzas (more than US$1.2 billion) .
The data are contained in the most recent report by the Ministry of Finance on the oil company’s revenue, compiled from tax returns submitted to the General Tax Administration (AGT), including the National Concessionaire – National Agency for Biofuels, Oil and Gas (ANPG). Of the total revenue recorded, 413.7 billion kwanzas are inflows from the Concessionaire, while the Tax on Petroleum Production (IPP) generated 25 billion kwanzas; the Petroleum Income Tax (IRP) amounted to 91.7 billion kwanzas and the Petroleum Transaction Tax (ITP) worth 53.5 billion kwanzas in the month. Block 17, with 11.5 million barrels explored and a price of US$113.3 billion, generated an entry of 193.2 billion, making it the largest source of oil financial revenue.
According to analysts at NGP Consultants (Ngola Papel), this performance was overestimated by the level of tax revenue collected in Block 0A Cabinda, which in July concentrated 50 percent of the total revenue collected, equivalent to 1.65 billion dollars, having reduced to 142 million in August. Note that Block 0, in Cabinda, is operated by Cabinda Golf Oil, a subsidiary of Chevron with a 39.2 percent stake. The contractor is Sonangol E.P, with a 41 percent stake, Total Energy with 10 percent and Eni Angola with a 9.8 percent share. aggregated data In aggregate, estimated oil revenue in the eight months of activity this year amounted to 6.29 billion kwanzas. The average price calculated in the period was 104.03 dollars and the amount exported is 280.4 million barrels.
The Concessionaire contributed 3.10 billion kwanzas to revenue, while taxes generated 197.3 billion in ITP; 219.5 billion in IPP and 2.4 billion in IRP. The gas rate in August was 364.4 billion, respectively. Regarding the performance of the National Concessionaire, the month of May with a contribution of 569.9 billion kwanzas is the most productive. January followed with 472.15 billion kwanzas. August closes the top three with 413.7 billion, after in July the contribution dropped to 220.2 billion kwanzas.
Brent opens session high Brent oil, a reference to Angola’s exports, for delivery in November opened yesterday’s session higher, trading at US$94.19, having even reached US$95.49, well above the US$94 it had closed Monday orders. In the previous session, WTI crude had advanced 3.89 percent to $3.25 in the session, having traded at $86.79 a barrel, but was slightly down 0.09 percent for the week. Against this backdrop, crude oil futures closed up about 4 percent on Friday, supported by a weakening dollar against rivals. In the week, however, marked by the decision of the Organization of Petroleum Exporting Countries and allies (OPEC+) to cut production, the commodity accumulated a slight drop. For some analysts, oil prices are rising due to supply risks and as it is understood that the dollar has peaked against rivals, even if provisionally. “Lately, there has been mostly bad news for oil prices as demand concerns have worsened due to the deteriorating Covid-19 situation in China, a surprising jump in inventories and expectations from world leaders to continue to exhaust relief measures. emergency to lower energy prices,” analysts say. At the same time, however, with the risk of interruptions in energy supplies from Russia to the rest of Europe, a barrel of oil should remain above 90 US dollars for a few more months, according to the main financial market analysts.
