Bloomberg News

Angolan Oil Revenue Advances Through August, Exports Decline

October 11, 2011

Oct. 11 (Bloomberg) -- Angola’s revenue from oil exports increased 44 percent in the eight months through August on the back of higher crude prices, according to data from the country’s Finance Ministry.

Revenue climbed to $24.95 billion from $17.33 billion in the same period a year ago, the Finance Ministry said in a posting on its website. The numbers include revenue from Sonangol EP and taxes charged to oil companies operating in Africa’s second-largest crude producer after Nigeria.

The average price for exports rose to $108 a barrel so far this year from $75.40 a year earlier. Shipments fell to about 1.6 million barrels a day from 1.8 million, the data showed.

Angola will not reach its target of 1.9 million barrels a day in 2011 as the country tries to recover offshore production in some blocks that fell by the end of last year, Oil Minister Jose Maria Botelho de Vasconcelos said June 7. He said the nation, a member of the Organization of Petroleum Exporting Countries, was comfortable with prices for Brent crude of $114 to $115 a barrel.

Exxon Mobil Corp., BP Plc and Total SA are among oil companies operating in Angola.

--Editors: Raj Rajendran, Rob Verdonck.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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