Angola exported $11.8 billion worth of oil in the second quarter of the year, from 103.6 million barrels of oil.
The Ministry of Mineral Resources, Oil and Gas reported the average price was $113.91 per barrel, while production averaged 1.139mn barrels per day.
Angola increased both the volume and the value of its oil from the first quarter. It exported 98.38mn barrels in the first quarter at a price of $103.08 per barrel. As such, revenues reached $10.14bn.
Giving a presentation on the figures, ministry official Gaspar Sermão said revenues were up 17% from the first quarter of 2022 and 75.5% from the second quarter of 2021, when revenues reached $6.73bn.
Of this amount, Sonangol raised $4.8bn in the most recent quarter, with the sale of 42mn barrels.
TotalEnergies accounted for the greatest share of exports from international companies, at 14.15%, while ExxonMobil exported 9.18%.
BP and Eni were at 9.17% and 6.32% respectively. Once the two companies have merged their local units, into Azule Energy, they will overtake Total. Chevron’s Cabgoc unit exported 6.3% of oil.
China was the largest importer of these volumes, at 54.9%, although this was down from the 63.83% it imported during the first quarter. India took 7.3% of the exports, also down from the first quarter when it imported 9.86% of volumes.
Angolan production fell to 394.2mn barrels in 2021, down 11.7% from 2020. Production in the first six months of the year has reached 202mn barrels. If Angola can keep this level up, it will increase output by around 2%.
The country also exported 676,460 tonnes of LNG in the second quarter.
Meanwhile, Angola’s debt to GDP ratio has fallen from 82.8% in 2021 to 66%, as of June. The government is aiming to reduce this further to 60% this year.
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