Angola has 1.9 pct of all oil reserves outside Middle East

18 December 2006

Luanda, Angola, 18 Dec – Angola has 1.9 percent of all the oil reserves outside the Middle East and 0.75 percent of the world total, according to the Country’s Economic Memorandum, published by the World Bank.

The study showed that, based on these figures, Angola is a significant player in the world of oil and has shown rapid growth in the sector.

Due to its success in the sector most of the large international oil groups are present in the Angolan market, namely Chevron, ExxonMobil, British Petroleum (BP), Total, Shell and Agip.

The World Bank report also said that several smaller companies had recently entered the market including Devon, CNR and ROC.

Angola is currently the second-largest oil producer in sub-Saharan Africa, after Nigeria, with average production of 1.3 million barrels per day. (macauhub)