Angolan oil exports fall by over 10% in 2019

30 January 2020

Angola exported 478.9 million barrels of oil in 2019, a fall of 10.8% compared to 536.9 million recorded in 2018, according to statistics released in Luanda by the Ministry of Mineral Resources and Oil.

The same figures also indicate that the weighted average price of Angolan oil was US$65.2 per barrel (less than the US$70.34 figure for 2018), with the total exported resulting in revenues of US$31.2 billion.

The ministerial statements aid that the main destinations of Angolan crude exports were China, Spain and India with 72.0%, 6.0% and 5.0% of the total, respectively, with the share of quarterly exports by Sonangol and of the national oil and gas concessionaire accounting for 39.0%.

Meanwhile, Sonangol began a part of the contractor group of Block 15, with a share of 10.0%, after a contract was signed by the National Oil and Gas Agency (ANPG) and ExxonMobil.

The ANPG statement said that under the terms of the agreement the production license for Block 15 will be extended until 2032, and Sonangol will be an integral part of the contractor group, with 10%, in co-operation with the ExxonMobil (36.0%), BP Exploration (24.0%), ENI Angola Exploration (18.0%) and Equinor Angola (12.0%). (macauhub)