Angola: Q2 oil exports of 121.8M barrels generate US$8.5 bln revenue as price rises

Angola’s state oil and gas company, Sonangol, and its partner companies exported about 121.8 million barrels of oil in the second quarter, generating total gross revenue of $8.5 billion (€7.62 billion), the government announced on Tuesday.

Of total exports, Sonangol itself was responsible for 47.6 million barrels, up from 45.1 billion in the first quarter, generating $3.3 billion, or around $1 billion more than in the first quarter, according to the figures presented at the Ministry of Mining and Petroleum Resources in Luanda, along with the outlook for the Angolan oil sector.

According to Luís Manuel, CEO of Sonangol’s international distribution arm SONACI, the increase in export revenue in the quarter was mainly due to the higher average selling price, with a weighted average of $69.5 per barrel, up from $60 in the first quarter.

As for oil products, Manuel said that in the second quarter Sonangol exported 302,000 tons, for gross revenues of $137 million, and imported close to 886,000 tons, “resulting in an expense of about 580 million dollars”.

China remained the main destination for Angola’s oil in the period, taking almost 62% of crude exports, followed by India with 11%, Spain with 3.8% and Italy with 3.7%.

At the closed-door meeting at the ministry, the results in Angola of Total, ESSO, BP, ENI and Chevron were also presented.