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Tue, 28 Jan 2020 20:37 - Updated Tue, 28 Jan 2020 20:41

Crude oil sale generates USD 7.6 billion

Luanda - Angola sold in the fourth quarter of 2019 crude oil worth US $ 7.6 billion, resulting from the export of 117 million barrels, belonging to Sonangol and the international companies operating in the country.

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Angola offshore oil exploration.

In the third quarter of the same year (June to September), 116.4 million barrels of oil were sold, at an average price of $ 62.8 per barrel, while in the previous period (2nd quarter) there was a decrease, as around 121.8 million barrels were exported, which made it possible to collect USD 8.5 billion.

Of the production in the fourth quarter of 2019, about 39 percent corresponds to a share of Sonangol and the national concessionaire, with the main destinations being China with 72 percent, followed by Spain with 6 percent and India with five percent.

The information was revealed today (Tuesday) by the National Director of Commercialization of the Ministry of Mineral Resources and Petroleum, Gaspar Sermão, in a meeting to present the balance sheet of the 4th quarter of oil production in 2019, reports that Sonangol and its partners exported around 478 million barrels, at an average price of USD 65 / barrel, which resulted in the valued gross sale of USD 31.2 billion.

In his turn, the chairman of the executive committee of Sonangol Comercialização Internacional (SONACI), Luís Manuel, said that during 2019, the public company traded about 172 million barrels and collected gross revenue of USD 11.3 billion.

He also reported that the first quarter of 2019 was the period with the highest sales of crude, reaching 45 million barrels, the lowest being the third quarter, accounting for 38 million barrels.

Regarding the average price of Brent, he explained that it reached up to USD 69.5 / BBL, while the lowest sale was registered in the third  quarter when reaching $ 62 / BBL.

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