The National Agency for Oil, Gas and Biofuels (ANPG) closed the 2024 fiscal year with a positive net result of 839.12 billion kwanzas (approximately USD 921 million), representing a 65% decrease compared to 2023, according to the General State Accounts for that period.
The ANPG clarified that the decline was mainly due to the financial update of the abandonment provision and the exchange rate effects on the Abandonment Fund accounts. The agency emphasized that this result is purely accounting-based and does not represent an actual financial inflow for the National Concessionaire.
According to the report, despite posting a positive net result, the operating results were negative, totaling 15.47 billion kwanzas (around USD 17 million). This was due to a change in accounting policy regarding the recognition of revenues from the concession fee, which are now recorded only upon collection — corresponding to 29% of the invoiced amount.
This adjustment had a significant impact on the implementation of key structural projects of the National Concessionaire, which aim to ensure the medium- and long-term sustainability of oil production.
Source: O País
