Africa Angola Budget Economy Export Finance Oil

Angola: Oil revenue exceeds State budget forecast to reach US$5,2M

Oil revenues reached 3.4 billion Kwanzas (US$5,2M) in November of this year, a figure higher than the forecast in the Revised 2020 General State Budget (OGE).

The revised state budget forecast is for AKz 2.9 billion, an amount that comes from oil revenue, at an average price of US$33 per barrel.

The Angolan state had collected around half a million Kwanzas more than it had forecast by November.

Oil revenues are estimated to reach AKz 3.7 billion by the end of the year if December exports reach AKz 300 million, taking into account forecasts of sales of 1,283 million barrels per day and the rising price of crude on the international market influenced by the start of vaccination against Covid-19.

By September of this year, oil tax revenue had risen to AKz 2.8 billion, with exports of 360.4 miilion barrels of crude oil at an average price of USD 43.07.

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The accumulated Kwanza 3.4 billion was achieved with revenues for October and November of this year, which totalled 337.3 billion and AKz 992.2 billion, respectively.

In the two months in question, according to data from the Special Taxation Directorate (DTE) published on the Ministry of Finance’s website, an export of 75.152 million barrels of crude oil is estimated at USD 39.74 in November and USD 40.65 in October.

The revenues resulted from Petroleum Income Taxes (IRP), Petroleum Production Taxes (IPP), Transition Petroleum Taxes (ITP) and the National Concessionaire, resulting from production in a set of 23 blocks.

In 2019, oil revenues were 3.2 billion Kwanzas, down 10 percent (3.6 billion forecast in the state budget), with exports of 418.6 million barrels at an average price of 62.72 US dollars.

Source: Angop

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