Home Oil & Gas Angola earns $7.6b from crude oil in 2019 Q4

Angola earns $7.6b from crude oil in 2019 Q4


Angola sold 7.6 billion U.S. dollars in crude oil in 2019 last quarter, an official revealed Tuesday.
   National director of trade of the Ministry of Mineral and Petroleum Resources, Gaspar Sermao,  who was presenting the assessment results said the amount resulted from the export of 117 million barrels of crude oil in the same period.
   The main destinations of Angola's oil export were China with 72 percent, followed by Spain with 6 pct and India with 5 pct.
   Of the production in the fourth quarter of 2019, about 39 percent corresponds to a share of state oil company Sonangol and the national concessionaire.
   The assessment result of the 4th quarter of 2019 oil production, reports that Sonangol and its partners exported around 478 million barrels, at an average price of 65 U.S. dollars per barrel, which resulted in the estimated gross sale of 31.2 billion dollars.
   On the other hand, the chairman of the executive committee of Sonangol International Trade (SONACI), Luis Manuel, explained that during 2019, the public company traded about 172 million barrels and collected gross revenue of 11.3 billion U.S. dollars.
   In the third quarter of 2019, 116.4 million barrels of oil were sold, at an average price of 62.8 U.S. dollars per barrel.
   Also on the occasion, Jose Barroso, the secretary of state for petroleum, explained that the state oil company will continue with its restructuring program and the privatization process of its assets that are not part of its main activity namely research, exploration and distribution.


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