The figures, cited by Rádio Nacional de Angola (RNA), reveal that 391.8 million barrels of oil were exported at an average price of around 65 dollars.
The findings also indicate that Block 17 is the most productive of the 23 oil production zones. According to the figures, Block 17 exported 123.3 million barrels and registered a return in the order of 1.8 billion kwanzas.
The results were classified by economist Eduardo Silva as encouraging.
"This is encouraging news, as the 5.4 billion kwanzas collected during the 11 months of 2021 exceed more than one billion kwanzas in relation to the budgeted amount in the 2021 State Budget," he said.
Speaking to RNA, the economist also clarified the conditions of the production-sharing contract: "Sonangol is the concessionaire and these companies after researching and, if the research results in success and actually start exploring, they can recover the value, considering the cost of investment in research and discovery (...). After deducting these costs, they then assign some shares to Sonangol".
Eduardo Silva added that the assigned quotas "will depend on the level of production". "When the production level is 30 percent less than the estimated production value then Sonangol takes 30 percent of the production and the remaining 70 percent goes to the operator. When the operation is in the range of 31 percent to less than 69 percent, here Sonangol takes 45 percent and when it is in the range of 70 to 100 percent, Sonangol takes 60 percent," he concluded.
