Angola to produce 1.9 million barrels of oil per day this year

30 March 2007

Luanda, Angola, 29 March – Angola is expected to produce 1.9 million barrels of oil per day by the end of the year, almost double the production of 2005, the deputy chairman of state oil company Sonangol said in Luanda Wednesday.

“At the end of the year we will be producing 1.9 million barrels per day and in 2008 we will reach 2 million,” said Syanga Abílio during an interview.

Abílio added that production should remain at around 2 million barrels per day until at least 2012.

Angola, which is currently the second-largest oil producer in sub-Saharan Africa, with production of 1.4 million barrels per day, in 2005 produced 1.25 million barrels per day.

Sonangol’s deputy chairman also said that plans to boost production did not conflict with Angola’s responsibilities as a member of the Organization of Oil Producing Countries (OPEC).

“I don’t believe we will have any problem with OPEC as our entry into the cartel was negotiated with the plans to increase production very visible,” he said.

Abílio predicted that the Angolan oil sector would attract US$50 billion in investment over the next six years. (macauhub)