Luanda, Angola, 16 April – Angola has proven oil reserves of 11.4 billion barrels, the same as Brazil and Algeria, Angolan newspaper Agora reported citing consultancy Woog MacKenzie.
With headquarters in Edinburgh, the company projects that Angola will produce 1.6 million barrels of oil per day by 2011, a level of production equivalent to that of Kuwait.
The oil discoveries made over the last 30 years along the Angolan coast have increased production ten-fold from the 150,000 barrels per day in 1975 to a current level of some 1.5 million barrels per day.
Angola, which recently became a member of the Organization of Oil Exporting Countries (OPEC), is vied for by the two largest buyers in the world, the United States and China, and recently became the biggest supplier of oil to the Chinese market, overtaking Saudi Arabia.
Analysts now expect Angola to take advantage of falls in production in Nigeria due to the instability the country is going through, where constant sabotage is leading to losses of around 600,000 barrels per day, or a third of total production.
Between 1995 and 2005, the Gulf of Guinea Region represented 5 percent of all oil wells drilled in the world and 21 percent of oil strikes, half of which were located in Angola. (macauhub)