This result represents a drop of 41.5 percent, in a year that the Angolan state oil company emphasizes was "marked by multiple challenges, the consequences of which have been visibly harmful, on a global scale".
In 2023, Sonangol's turnover was 10.9 billion dollars, compared to 13.4 billion dollars in 2022, a drop of 18.6 percent.
According to the statement on the oil company's operational and financial performance for 2023, the instability in the geopolitical environment and its consequent impact on market behavior were reflected in the price of a barrel of oil and the profitability of economic agents.
In this scenario, Angolan raw materials were sold at an average price of 82.04 dollars per barrel compared to 102.21 dollars sold in 2022.
Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) reached 3.2 billion dollars.
The oil company made investments of around 2 billion dollars, of which 98 percent in the primary value chain, with emphasis on development projects for blocks 0, 15/06 and 17/20 and disbursements relating to the construction projects of the Refineries Lobito and Cabinda.
With these investments, which represent an increase of 41 percent compared to the previous year, the company "strengthens its position in the market, focusing on the primary value chain and renewable energy", highlighted Sonangol.
"In line with its strategy of expanding exploration operations, Sonangol resumed onshore activities in the Kwanza Basin, with the drilling of two wells in blocks KON 11 and KON 12, which resulted in the identification of prospective resources estimated at 80 million barrels", refers in the statement.
In relation to promoting domestic autonomy in terms of refined products, in 2023, the new Luanda Refinery Platforming Unit achieved 221,000 metric tons of gasoline, an increase of 162 percent compared to 2022.
Sonangol also states that, as part of the privatization of its non-nuclear assets, a total of US$190 million has been contracted since 2019 and 66.2 million dollars has been received, with 31 assets privatized and five in progress.
