Premium Oil yielded almost €10 billion to the Angolan state in 2018

Angola has earned almost 10 billion euros in tax revenues from oil exports in 2018, falling short of the target set by the Government in the General State Budget (OGE).

The information is the result of an analysis made today by the Lusa agency of the 12 month history of the reports of the Angolan Ministry of Finance on revenues from the oil industry.

According to this data, throughout the year of 2018 Angola exported a total of 536.836.904 barrels of crude oil at an average of 70.34 US dollars per barrel, against a forecast, predicted in the state budget, of 620 million barrels at an estimated cost of $50 each.

Between January and December of 2018, Angola exported petroleum in the amount of 37,761 million dollars (33,099 million euros), which, according to the Ministry of Finance reports, totaled 3.330 trillion kwanzas (about 9.5 billion euros at the current exchange rate).

In the 2018 state budget, the Angolan government signed a forecast of 4,139 trillion kwanzas (about 11,600 million euros, at the current exchange rate), in taxes on oil - including the rights of state concessionaire Sonangol.

These results are influenced, according to the Ministry of Finance reports, by the decrease in oil production, equivalent to the reduction of 85 million barrels per year than expected, and the drop in the price of a barrel of crude oil, which had a four year peak in November, at $79.32, to $65.08 in December.

The sharp drop in the international oil price triggered in late 2014 even put the barrel of crude oil sold by Angola at 30 dollars.

The source of this data are in the numbers on the revenue collected from the Petroleum Income Tax (IRP), Petroleum Production Tax (IPP), Petroleum Transaction Tax (ITP) and revenues from the national concessionaire.

The data presented in these reports from the Ministry of Finance is the result of the tax returns submitted to the National Tax Office by the oil companies, including the Angolan national concessionaire, the public company Sonangol.

In 2017, the Angolan State earned more than €8.6 billion in fiscal revenues from oil exports, €400 million below the budgeted target.

Between October and November, oil was traded in the international market at more than 80 dollars per barrel, and in the meantime a downward movement began.