Angola exported 394.22 million barrels of crude oil in 2021, sold at an average price of US$70.7 per barrel, with gross revenues of US$27.87 billion (24.5 billion euros).
According to the Angolan Secretary of State for Oil and Gas, José Barroso, the gross revenues collected in 2021 represented a rise of 51.4 percent against 2020, despite the total volume exported in 2021 being 11.69 percent lower.
The Angolan minister, who was speaking in Luanda on Thursday during the presentation of the summary of oil and natural gas exports for the fourth quarter of 2021, noted that Covid-19 and the decisions of OPEC+ (Organisation of Petroleum Producing Countries) had influenced the price of Brent in that period.
Brent, the benchmark for Angolan exports, recorded an average price of US$79.76 (70 euros) per barrel in the last three months of 2021.
A total of 98.9 million barrels of crude oil were exported in the fourth quarter of 2021, corresponding to 1.7 million barrels per day, which resulted in gross revenues of approximately US$7.83 billion (6.8 billion euros).
The results of Angolan state company Sonangol and concessionaire Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG) were presented by the chairman of the executive committee of Sonangol Comercialização Internacional, Luís Manuel.
Sonangol and ANPG both marketed about 40 million barrels in that period, “representing a decrease of about 3.8 million barrels” when compared to the volumes exported in the third quarter of 2020.
Both agencies achieved gross revenues of around $3 billion (€2.6 billion), a decrease of $45 million (€39 million) when compared to the revenues achieved in the previous quarter.
Of the total volume exported in Q4 2021, 24.59% belongs to ANPG, 15.79% belongs to Sonangol and the rest to foreign companies.
China was the main destination of Angolan crude oil in October, November and December 2021 with 61.57%, followed by India (11.87%), Thailand (4.9%), Gibraltar (2.52%) and Italy, Spain, Canada and South Africa with 2.4% each.
China was also the main destination of Angolan oil in 2021 with 71.51 percent of total exports, followed by India with 7.02 percent.
In relation to natural gas, in 2021 Angolan exports totalled around 4.48 million metric tons, valued at around US$3.1 billion (€2.7 billion).
Barroso noted that the gross revenue collected from gas exports in 2021 “is almost three times greater than that obtained in 2020, as a result of the increase in prices on the international market.
LNG, butane and propane gas were mostly exported, in 2021, to Asia, while condensates were exported mainly to the United States.
Source: Macau Business