Luanda, Angola — 11 July 2013
Angola “’ Africa’s biggest producer of oil after Nigeria, will be producing 2 million barrels of the fuel a day next year, or at the latest in 2015, thereby meeting the target it had planned to reach in 2013.
“Based on the data we have, the increase in production to 2 million barrels of oil per day should take place between 2014 and 2015,” oil minister Jose Maria Botelho de Vasconcelos told Bloomberg News in an interview on the sidelines of a conference in the capital.
Production this year has averaged 1.751 million barrels a day while reserves are now estimated at 12.777 billion barrels. In April state news agency Angop put reserves at 12.6 billion barrels, citing the minister. Companies operating in the country include Exxon Mobil Corporation and Total SA.
Reserves may increase as the country starts to explore pre-salt reserves in an area stretching 1,100km that may hold oil under a 2km-thick layer of salt, similar to that found off the coast of Brazil.
“Recent exploration in pre-salt formations suggests reserves may be larger than initially estimated,” said Ganesh Thakur, a former president of the Society of Petroleum Engineers, at the conference in Luanda.
Source: Bloomberg News. For more information, click here.