NNPC’s peers in Angola, Algeria, Libya earn $27.95bn in H1

An evaluation of the monetary experiences of three main state-owned oil and fuel firms on the African continent revealed earnings of $27.95 billion this 12 months buoyed by rising crude costs.

Nigeria’s state oil agency, the Nigerian Nationwide Petroleum Firm Restricted, is but to publish its earnings.

Sonatrach (Algeria), the Nationwide Oil Company (Libya), and Sonangol (Angola) earned $21 billion, $6.95 billion, and $3.4 million respectively.

Revenues for Angola and Libya had been for the primary six months of the 12 months whereas that of Algeria covers January to Might.

“Our oil and fuel earnings within the first 5 months of 2023 totaled $21 billion, a 2 % enhance over the identical interval the earlier 12 months,” Toufik Hakkar, CEO of Sonatrach, mentioned final month.

In line with Hakkar, earlier than Algeria can enhance its fuel exports, it wants extra visibility from European corporations.

Angola and Libya recorded a decline of their income in comparison with the primary half of 2022.

Between January and June 2023, the Angolan authorities mentioned it collected 2.8 billion kwanzas ($3.4 million) in oil income, a 2 billion kwanzas ($2.4 million) lower from the identical interval in 2022.

Angola exported 209.5 million barrels of crude oil in 2022 at a mean worth of $99.40 per barrel, incomes 4.2 billion kwanzas ($5.1 million).

The nation, which is Africa’s second largest oil producer, mentioned the drop in oil income was as a consequence of a drop within the common worth of a barrel and decrease export volumes.

In line with taxation knowledge revealed by Angola’s finance ministry, the nation exported 191.83 million barrels of crude oil at a mean worth of $78.35 per barrel within the first half of 2023.

Angola initiatives that the typical value of a barrel of crude oil will probably be $75 per barrel in its nationwide funds for the present fiscal 12 months.

Learn additionally: African state-owned oil firms report $27.95bn earnings in 2023

Libya’s central financial institution mentioned crude oil revenues within the first half of the 12 months fell to 33.4 billion dinars ($6.95 billion) from 37.3 billion dinars within the first half of 2022.

Libyan crude oil manufacturing elevated within the first half of this 12 months in comparison with the identical interval final 12 months. In line with OPEC’s secondary sources, Libya’s crude oil manufacturing averaged 1.157 million barrels of oil per day (bpd) within the first quarter of 2023, rising solely barely to 1.169 million bpd by Might of this 12 months.

“The circulate of oil and fuel could be halted except the western-based Authorities of Nationwide Unity appointed an eastern-government consultant to supervise the Nationwide Oil Company,” Libya’s Authorities of Nationwide Stability mentioned in July.

Libya is having issue attracting international funding in its oil sector.