In a statement released this Tuesday, Sonangol also said that earnings before interest, taxes, depreciation and amortization (EBITDA) stood at 4779 million dollars, 10 percent more than in the previous year "as a result of revenue stabilization and strong cost reduction".
In 2019, Sonangol produced about 232,000 barrels of oil/day "practically in line with the same period last year", while gas production increased 6 percent to 417 metric tons and LNG (liquefied natural gas) production increased 8 percent to one million metric tons.
Production of refined products grew 37 percent, to a total of 2.4 million metric tons, after the Luanda refinery resumed operations. Also imported were 2.9 million metric tons of refined products, 6 percent more than in 2018.
Sales totalled 10.231 billion dollars, a 4 percent decrease over the same period.
2019 was the last year in which the oil company recorded sales as a national concessionaire, as well as the costs relating to these transactions, which occurred between January and April of that year.
In May 2019, Sonangol ceased to perform the function of concessionaire, which was assigned to the National Petroleum, Gas and Fuel Agency (ANPG) "with the sense of allowing the company to focus on its primary value chain," the note said.
Operating costs fell by about 11 percent, reaching 5550 million dollars, while debt service represented 1851 million dollars, with the company closing the year with a 'stock' of 5034 million dollars, 13 percent more than in the same period.
Sonangol also made investments of 1478 million dollars.
