Angola has potential 40 billion barrels of oil

28 September 2007

Luanda, Angola, 28 Sept – Angola has geological potential of 40 billion barrels of oil, Sonangol director Syanga Abílio said Thursday in Luanda, according to Angolan newspaper Jornal de Angola.

Citing geological and geophysical surveys, Abílio, who was speaking at the international conference on Energy in Angola as a moderator on the issue of “world energy market trends,” said that this potential did not include confirmation from well drilling.

Angola has estimated oil reserves of 12.5 billion barrels, which have been confirmed through wells based on the defined development plan.

Over the next few years, the oil sector plans to invest US$60 billion due to production increases.

Angola currently produces 1.7 million barrels of oil per day. (macauhub)