New Orleans, United States — 03 October 2013 – Angola’s oil reserves in shallow, deep and ultra deep waters have been officially estimated at 12.667 billion barrels, according to the country’s oil minister, Botelho de Vasconcelos.

Addressing the annual banquet of the Oil Engineers’ Society here, the minister added that Angola currently produced some 1.751 million barrels of oil per day. It was soon expected to lift this output to 2 million barrels per day, once production increased at existing oil fields, reports Macauhub News Agency.

He also announced that 15 new onshore oil blocks would be auctioned in order to further involve Angolan private companies and to set up partnerships.

Cited by Angolan state newspaper Jornal de Angola, Botelho de Vasconcelos said that the issue of “national involvement” was one of the Angolan government’s concerns.

In this context, he said  the definition of the philosophy to include national companies in the sector is being analysed in order to offer more attractive conditions for Angolan businesspeople, by encouraging partnerships with foreign companies.

“In the last 20 years the oil sector in Angola has seen unparalleled growth for the West coast of Africa,” he stated, noting that Angola had become a benchmark in the world for deep water oil fields.

Source: Macauhub News Agency. For more information, click here.