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Thu, 25 Feb 2016 17:56 - Updated Thu, 25 Feb 2016 17:56

Oil production records increase of more than 6 percent

Luanda - The production of crude oil in Angola recorded a 6 percent rise in 2015 compared to that of 2014, announced the State-owned Oil Firm "Sonangol" in its operational and financial results presented Thursday.

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Oil drilling platform

Photo: Francisco Miúdo

According to a press release delivered to Angop, in 2015 the production of crude oil stood at 649.5 million barrels, equivalent to a daily average of 1.7 million barrels, six percent more in relation to production of 2014.

The sources adds that the increase is mainly owed to the coming into operation of the new fields in block 14 (Lianzi), block 15 (Satellites - Kizomba II) and Block 17 (MPP Rosa and 1A Dalia), as well as by consistent operating performance in the blocks 17, 18 and 31.

As for the production of natural gas, the document admits a decrease by 8 percent, standing at 507.293 metric tones.

The decrease was attributed to a one-year halt recorded at industrial unit of LNG in Soyo, northern Zaire province.

As for production/import, Luanda refinery yielded  2.4 million metric tones of various oil by-products, accounting for an increase of 15 percent in relation to 2014.

It also noted that Sonangol sold 223.5 million barrels of crude oil at an average price of USD 50/ barrel.

To this purpose, the company to earn USD 11.1 trillion, which represented a decrease of 54 percent compared to 2014.

This was due to the simultaneous reduction of the export volume by 12 percent and an average price of USD 96.72 / barrel seen last year.

With regard to the corporate earnings, the Oil firm reported a decrease by 45 percent, standing at 1.2trillion Kwanzas, whereas, the net profit dropped from 139.162 million kwanzas in 2014 to 44.148 million kwanzas in 2015.

Regarding the financial balance for the year 2015, Sonangol has maintained a solid capital structure, in which its own funds reached the value of 2.376 trillion kwanzas, 11 percent above the 2014 value.

The firm employed a capital of 3. 614 billion kwanzas, 19 percent above, having the net debt standing at 1.238 billion, 41 percent more than 2014.

The increase in net debt, the document stressed, was due to the intensive investment programme implemented by the campaign.

Tags Economy   Petróleos  

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