Angola: Angola to produce 2 million barrels of oil per day as of August

1 July 2008

Madrid, Spain, 1 July – Angola will set its oil production at 2 million barrels per day as of August in order to contribute to the stability of the market, the chairman of Sonangol, Syanga Abílio said in Madrid.

Abílio who was speaking to Angop at the 19th World Oil Congress said it was necessary “to increase production levels because there is a deficit in terms of production projections for the next while.”

“Oil reserves are not the problem. Nowadays the great problem is to ensure the energy needed to meet demand,” he noted.

Abílio said that Angola’s rate of production could contribute to stabilising the world oil market.

Angolan oil production remained at the highest level in Africa in May for the second consecutive month, exceeding that of Nigeria, according to the Monthly Oil Market Report for June 2008 published by the Organization of Petroleum Exporting Countries (OPEC).

In May, Angola produced 1.902 million barrels of oil, once again exceeding Nigeria, which produced 1.889 million barrels per day.

In April, Angola produced 1.882 million barrels of oil and NIgeria produced 1.824 million barrels per day.

Angolan production rose 18 percent last year, to a daily average of 1.61 million barrels, according to figures from the International Energy Agency (IEA). (macauhub)