Angola may net US$152 billion from oil sales from sales of oil until 2009

4 December 2006

Luanda, Angola, 04 Dec – Angola could net US$152 billion in oil revenues in the 2005 to 2009 period if the price of each barrel of oil remains at between US$54 and US$76 per barrel, daily newspaper Jornal de Angola reported.

If the price of each barrel of oil falls to between US$54 and US$38, the revenue would total US$74 billion, according to a World Bank study entitled “Angola, Economic Memorandum of the Country – Oil, Increased Growth and Equality,” presented last week in Luanda, by Francisco Carneiro, a World Bank technician.

The study also estimated gross revenues of over US$210 billion in a high price scenario and US$129 billion with low prices.

These figures, the study said, translate into per capita oil wealth of between US$8,500 and US$19,000, for an estimated population of 14 million inhabitants.

According to the deputy minister of Planning, Carlos Alberto, although the government had other projections, the World Bank study was close to the reality.

According to Carneiro, “the economic and political context in which Angola is set favors the accumulation of oil reserves, which made it possible to increase international reserves, allowing the government to protect itself from exchange rate volatility.” (macauhub)