Oil tax revenues stands at AK 2.8 bn in first half

Oil tax revenues reached 2.8 billion kwanzas in the first half of this year, less than 2 billion kwanzas compared to the previous period in 2022.

These figures are “far” from the results of the first half of 2022, a period in which oil tax revenues reached 4.2 billion kwanzas, as result of the export of 209.5 million barrels at an average price of 99.4 USD/barrel.

The drop in oil tax revenue was influenced by the average price and the volumes of exporters to the international market during the period under consideration.

This situation negatively impacted on the State accounts.

According to data published by the Special Directorate of Taxes (DTE) of the Ministry of Finance to which ANGOP had access, in the first half of this year, 191.83 million barrels of crude were exported at an average price of 78.35 USD/barrel.

Of the total amount of oil tax revenue for the semester in question, 1.7 billion comes from the National Concessionaire, the National Petroleum, Gas and Biofuels Agency (ANPG), according to the statements submitted to the General Tax Administration (AGT), based on the value declared by the latter.

Angola’s General State Budget 2023 provides for a reference price of US$75 per barrel of oil, an average oil production of 1.18 million barrels.

Monday (24), the price of Brent oil futures (October 2023) is trading at USD 81.33.

Source: Angola Press News Agency (APNA)