Angola to join Organization of Petroleum Exporting Countries

30 November 2006

Luanda, Angola, 30 Nov – Angola is to join the Organization of the Petroleum Exporting Countries (OPEC) as a full member, under the terms of a decision made Wednesday by the Angolan government.

The final statement about the Council of Ministers said that the decision to join OPEC took into consideration, “the greater role of the country on the world oil stage, due to its current production of 1.4 million barrels per day.”

Angola is the second-largest oil producer in sub-Saharan Africa, after Nigeria, and sector authorities expect production to reach 2 million barrels per day in 2007, as new wells go into operation.

Angola’s offshore area is divided into 74 blocs, in shallow, deep and ultra deep waters, of which just 30 are currently in operation.

Angola’s gas reserves are estimated at around 12.5 billion barrels.

Last year, according to official figures, the Angolan oil sector accounted for 90 percent of the country’s exports and half of its gross domestic product (GDP), and was also responsible for 80 percent of tax revenues. (macauhub)