Angola is one of BP’s four most lucrative “high-margin” regions that contribute a disproportionately high share of its profits. Generous contracts give BP an operating cashflow margin in Angola of almost $60 a barrel, according to Deutsche Bank – more than double BP’s global average. After costs, BP can expect about $40 profit for each barrel it produces in Angola, compared with as little as $1 elsewhere.
Angola is Africa’s second biggest oil producer, with oil accounting for about three-quarters of government revenues. But, as the US Energy Information Administration notes, “much of the oil wealth in the country does not find its way to the average citizen”.
36% of the population live below the poverty line and a short distance from BP’s offices in Luanda, barefooted children pick through mountains of rubbish in the slums. Angola consistently ranks as one of the world’s most corrupt countries
Angola is Africa’s second biggest oil producer, with oil accounting for about three-quarters of government revenues. But, as the US Energy Information Administration notes, “much of the oil wealth in the country does not find its way to the average citizen”.
36% of the population live below the poverty line and a short distance from BP’s offices in Luanda, barefooted children pick through mountains of rubbish in the slums. Angola consistently ranks as one of the world’s most corrupt countries
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