[2019-01-17] Angola doubles oil export revenue in 2018

Source: Macauhub

Revenue from Angola’s oil exports doubled in 2018 to 3.33 trillion kwanzas (US$10.681 billion), according to figures from the General Tax Administration released on Wednesday by the Ministry of Finance.

Revenue doubled due to the increase in the average price of a barrel of oil from US$52.03 in 2017 to US$70.34 in 2018, as the number of barrels exported last year was lower than in 2017.

Angola exported 595.60 million barrels in 2017, down by more than 58 million barrels to 536.83 million barrels in 2018.

Total revenue can be broken down into 776.87 billion kwanzas in Oil Income Tax, 261.56 billion kwanzas in Tax on Oil Production, 125.15 billion kwanzas in Tax on Oil Transactions and 2.16 trillion kwanzas as revenue from the concessionaire.

The figures in the documents released by the Ministry of Finance are the result of the tax returns submitted to the National Tax Office by oil companies, including the Angolan national concessionaire, public company Sonangol.