Page 10 - AfrOil Week 11 2021

AfrOil PERFORMANCE AfrOil

It also effected the corporate restructuring of in the area,” it said.
Union Fenosa Gas (Spain), ensuring that the “The agreement comes at an important time
company’s assets were split between Eni and when, thanks in part to the rapid entry into pro-
Naturgy. duction of Eni’s recent natural gas discoveries,
Additionally, it resolved all of SEGAS and especially from the Zohr and Nooros fields,
Union Fenosa Gas’ outstanding disputes with Egypt has regained full capacity to meet domes-
EGAS and the Egyptian government. tic gas demand and can allocate excess produc-
The Italian company commented that the tion for export through LNG facilities,” it added.
newly finalised agreement was in line with The agreements are expected to enhance
its plans to bolster its presence in the region. Egypt’s position as a regional natural gas hub,.
“Through this agreement, the company They will significantly adding to the country’s
strengthens its presence in the East Mediterra- LNG production and export capacity and
nean, a key region for the supply of natural gas, open the door to other gas-producing coun-
which is a fundamental resource for the energy tries, including Israel, that want to benefit from
transition, of which Egypt is the main producer Egypt’s infrastructure. ™

Angola reports on oil tax

revenues in 2M-2021

ANGOLA ANGOLA’S Ministry of Finance has published It went on to say that 68.8% of the tax rev-
new data on the country’s crude oil exports and enue collected in the January-February period,
earnings in the first two months of the year. or AOA435.8mn ($703,000), had been assigned
According to the ministry, the Special Tax- to the National Agency of Petroleum, Gas and
ation Department (DTE) of the General Tax Biofuels (ANPG), which acts as the national
Administration (AGT) has reported that the concessionaire. Angola’s government has said it
country exported nearly 71.4mn barrels of expects to collect around AOA4bn worth of oil
crude in January and February. These shipments taxes in 2021, and its budget for this year relies
generated AOA633.7mn in tax earnings, includ- on the assumption that Brent crude prices will
ing taxes on oil revenue (known locally as IRP), average $39.00 per barrel. ™
on oil production (IPP) and on oil transactions
(ITP), the ministry noted.
It also provided a breakdown of this figure,
saying that Angola had earned AOA331.1mn
($534,100) in taxes by exporting 34.6mn bar-
rels of oil in the month of February. In Janu-
ary, it said, the country earned AOA302.5mn
($487,970) by exporting 36.7mn barrels. It noted
that oil tax revenues had risen by 8.7% year on
year in January but did not comment on the Feb-
ruary figure.
Angolan oil exports fetched average prices
of $55.79 per barrel in February and $49.62 per
barrel in January, the ministry noted. Most of Angola’s oil comes from offshore fields (File Photo)

POLICY
Libya’s NOC welcomes new oil minister

LIBYA LIBYA’S National Oil Corp. (NOC) said ear- Oil and Gas Ministry.
lier this week that it welcomes the decision by NOC issued a statement hailing Oun’s
the country’s Government of National Unity appointment on March 15, the same day that
(GNU) to charge Mohamed Oun, the country’s GNU’s leaders were formally sworn into office
former OPEC governor, with heading the new and established the ministry.

P10 www. NEWSBASE .com Week 11 17•March•2021