Angola: Oil Revenue Increases Over 6 Billion Kwanzas in July
Angolan oil revenues reached just over 208.4 billion kwanzas ($337.5 million equivalent) last July, an increase of Akz 6.7 billion, compared to the previous month, with the export of 37.7 million barrels of crude at an average price of $ 39.24.
Data compiled by ANGOP’s specialists, based on the document of the Special Taxation Directorate (DTE) of the General Tax Administration (AGT), in June, the revenues collected totaled 201.2 million kwanzas, resulting from the export of 38. 800,596 barrels of oil, at an average price of $ 24.36.
The revenue collected comes from the payment, by the companies, of the Petroleum Income Taxes (IRP), Petroleum Production Taxes (IPP), the Petroleum Transaction Taxes (ITP) and the Concessionaire’s revenue which was 85.7billion Kwanzas ($139.5 equivalent), in July.
The State Budget (OGE) 2020 was revised at a price of 33 dollars a barrel of oil, when the initial value was 55 dollars.
Over the first four months of the year, the price of a barrel of Brent, the reference price for Angolan oil, contracted 61.7%, from US $66 to US $25.2.
For Petroangola (a company created with the aim of assisting the data of oil and gas in Angola and the promotion of local content), the OGE review ensured the elimination of the fiscal deficit regarding to oil revenues and, above all, guarantees a cushion of US $6.10/barrel + 37,000 extra bpd, resulting in an estimated reserve of more than US $8, 5 million/day.
From 2017 to 2019, Angola lost about US $15 million/day in gross oil revenues, according to data from Petroangola.
More recent data from this institution indicate that, from January to July 2020, the Angolan State lost about USD 800,000/day in taxes and receipts from oil, due to the current context of crisis that the world faces.