Ver Angola

Energy

Oil revenue grew about 6 billion kwanzas in July

In July, the country's oil revenue registered an increase of 6.7 billion kwanzas over the previous month. Revenues in July were 208 billion, 42 million, 505 thousand and 602 kwanzas, with more than 37 million barrels of oil being exported at an average price of 39.24 dollars.

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According to data from the Special Tax Directorate of the General Tax Administration, in June more barrels of oil were sold (more than 38 million), but at a lower average price than in July (24.36 dollars). For this reason, revenues in June were 201 billion, 246 million, 621 thousand and 770 kwanzas, says Angop.

This money is the result of the payment of the Petroleum Income Tax, the Petroleum Production Tax, the Petroleum Transaction Tax and the Concessionaire's revenue - which in July was 85 billion 674 million and 499 thousand kwanzas.

According to Petroangola, the revision of the value of the barrel of oil in the General State Budget (which had initially been set at 55 dollars, but was later changed to 33 dollars) helped the country to eliminate the fiscal deficit related to oil revenues. The revision also helped Angola secure a value of 6.10 dollars per barrel and an additional 37,000 barrels per day, creating a reserve of about 8.5 million dollars daily.

From early 2020 to July the state lost about 800,000 dollars per day in oil sector taxes due to the covid-19 pandemic. In the first four months of 2020 alone, the price of a barrel of Brent rose from 66 dollars to 25.2 dollars, according to the reference price for domestic oil.

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