Exports of oil extracted in Angola totalled 39.9 million barrels in February which, sold at an average price of $57.06 provided revenues of 404.7 billion kwanzas (US$772 million), according to official figures released in Luanda.
Of this value, it is estimated that 37% (149.7 billion kwanzas or approximately US$285 million) represents the tax revenues of the State, after subtracting investments and other operator benefits.
The data released based on tax statements submitted to the General Tax Administration by the oil companies, including Sonangol, show that Block 17 with 12.3 million barrels and an average price of US$63.79 contributed income equivalent to 29.2 billion kwanzas (US$55.7 million).
In consolidated terms, oil brough in revenues in January/February of 965.1 billion kwanzas as a result of exports of 85.8 million barrels at an average price of US$65.23 per barrel.
In 2019, Angola exported 496.8 million barrels at an average price of US$62.51, which provided revenue of 4.02 trillion kwanzas.
As a result of a trade dispute between Saudi Arabia and Russia, as well as of the fall in consumption due to the COVID-19 pandemic, each barrel of Brent crude, the benchmark for Angolan production, is currently being traded at around US$29.