The largest private national oil company Somoil has recorded profits of around USD 182.1 million, a threefold increase compared to the net profit of USD 40.9 million recorded in 2021.
According to the chairman of Somoil board, Edson dos Santos, 2022 was the best year in the company’s history.
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“In 2021 it had already been the best year in Somoil´s history. However 2022 is even better, a historic year for us, with significant growth, clearly safer, more environmentally friendly and more profitable”, informed Edson Santos this Wednesday, in a meeting with journalists.
In addition to the increase of oil price in the international market, the profit results were also influenced by the increase of the production and the improvement in the efficiency and the flexibility that the Somoil found in the State which improved the contract terms.
In addition to the rising price of oil on the international market, profit results were influenced by increased production and the improved efficiency and flexibility Somoil found with the State which improved contract terms.
The Block 14, whose production goes around 6,07 thousand barrels per day (KBPD), operated by the US oil company Chevron in Cabinda province, also contributed to the results.
Speaking at the press conference entitled “Coffee with Journalists”, Edson Santos stated that without the performance of Block 14, which provides the company’s net result, it has improved approximately to 88%.
“We moved from a USD 41 million company in 2021 to the next USD 77 million in net income in 2022”, he revealed.
Regarding the integrated net income, with Block 14, this doubles to over 340%, between 2021 to 2022, with USD 182.1 million as integrated net income, taking into account the acquisition of the mentioned block.
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The gross oil revenue also recorded an increase, going from 121,5 million in 2021 to USD 448,3 million in 2022.
Currently, the oil company has a production of over 12 thousand barrels per day (KBPD), having an increase considering the records of 4.3 thousand barrels from 2021 and 4.1 thousand from 2020.
Such results were also influenced with the investment in technology.
