Angola’s Sonangol Earned $33.7 Billion in 2011 Oil Sales
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Sonangol EP, Angola’s state-run oil producer, said average daily production fell in 2011 even as it increased revenue because of rising international oil prices.
Angola, Africa’s second-largest oil producer behind Nigeria, pumped 1.65 million barrels per day last year, 5.7 percent less than 2010, earning the company $33.7 billion as oil prices above $100 a barrel offset the decline, Francisco de Lemos Maria, chairman of Sonangol, said in Luanda, the capital.