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Angola Boasts 16-Month High In Oil Revenues

Angola offshore

Angola reported US$950 million in crude oil export revenues for January, the highest in 16 months, data from the country’s Finance Ministry showed. Africa’s top producer exported some 52.25 million barrels last month, which is around 3.3 million bpd more than in December, benefiting from higher demand from India.

Asia’s new powerhouse is strongly dependent on oil imports, and it has made up for lower production in Nigeria by switching to Angola. According to the government data, exports to India went up 5 times in January from December.

Exports to China also rose: as Oilprice reported earlier, citing Chinese customs data, Angola’s exports to China soared 63.5 percent to 1.17 million bpd, winning it second place, after Saudi Arabia and ahead of Russia.

Angola, an OPEC member, committed to reduce its crude oil output by 78,000 bpd in support of efforts to prop up international prices. This means that its average daily output should decline to 1.67 million bpd.

However, earlier this month, media reported that Italy’s Eni had just launched a new offshore project in Angola, eyeing record production. The project, East Hub, could yield some 80,000 barrels of crude daily, bringing the total from its offshore assets in Angola to 150,000 bpd. Related: Wind Energy Boom Hits The U.S.

The West African country has been struggling to maintain economic growth amid the oil price crash. Last year, it registered no GDP growth, but this year growth is seen at 1.5 percent, with inflation continuing to rise.

Pressed for more oil revenues, the government is negotiating a tax reform with Chevron, according to which the current tax climate in the country is “not very attractive.” The negotiations will be tough because taxes are a big part of state oil revenues. At the same time, without a tax incentive, Chevron and its likes will not be as motivated to invest in the country.

By Irina Slav for Oilprice.com

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