Angola: Oil production totals 1.9 million barrels per day

26 February 2008

Luanda, Angola, 26 Feb – Since last week Angola has been producing 1.9 million barrels of oil per day and is expected to produce 2 million barrels of oil per day by the end of the year, the chairman of state oil company Sonangol said in Luanda Monday.

During a press conference, to mark the 32nd anniversary of Sonangol, Manuel Vicente said that the rise in production had been due to the progressive growth of the company’s workforce, which now stands at 8,240 workers.

Sonangol’s turnover in 2007, according to preliminary figures, totaled US$11 billion, but this figure is likely to rise and the company has estimated that its turnover last year totaled US$17 billion.

“We also expect a rise in net profit for this year to US$1.3 billion,” Vicente said.

For this year, Vicente said that the oil company would continue to prioritise improving its offer of fuel and its derivatives, as well as ensuring the supply of fuel of sufficient quality and quantity all over the country.

The country’s oil production, the second-largest in sub-Saharan Africa, in 2007 accounted for 90 percent of its exports, 50 percent of its Gross Domestic product (GDP) and 80 percent of taxes collected. (macauhub)