Angola to Increase Oil Production by 100,000 Barrels per Day

---

Researched by Industrial Info Resources (Sugar Land, Texas)--In April of this year, Angola replaced Nigeria as the largest oil-producing country in Africa. The country now plans to raise its daily oil production volume by 100,000 barrels per day (BBL/d) and invest heavily in oil exploration and production. According to Angola's Oil Minister Desiderio Costa, Angola's present oil production is 1.9 million BBL/d, and the country hopes to increase this number to 2 million BBL/d by the end of this year.

Manuel Vicente, CEO of Angola's national public oil company Angolan National Fuel Society (Sonangol), said that Angola's oil production plan and its current oil reserves will allow the country to produce 2 million BBL/d of crude oil for the next four to five years.

Sonangol also plans to invest $100 million into oil exploration and production in the next 5 years. Due to the lack of investment, Angola's oil production has been in decline since 2000.

According to OPEC's statistics, Angola produced an average of 1.87 million BBL/d in April. At the same time, Nigeria's average daily oil production was 1.81 million BBL/d. In May, Angola again exceeded Nigeria in crude oil production volume. Since its entry into OPEC in January 2007, Angola has followed quotas assigned by the organization.

Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services.