Angola: Oil exports expected to rise 14 pct in October to reach new record

19 August 2008

Lisbon, Portugal, 19 Aug – Angola is expected to export 1,996 million barrels of oil per day in October, a new record that is 14 percent more than the amount exported in the same month of 2007, according to a report from news agency Bloomberg.

Citing the sales plan, the agency said that the increase will mainly be accounted for by rises in production at the Mondo (a 93.6 percent rise to 122,600 barrels per day) and Cabinda (a rise of 29 percent to 245,160 barrels) fields.

Of the new fields coming into production, Saxi Batuque (Exxon Mobil) is a highlight, which in October is expected to account for an increase of 92,000 barrels exported, with the expectation that it will reach 200,000 barrels by the end of the year, similarly to the Mondo field.

Amongst the main exporters are multinational companies BP, Total, Chevron and Exxon Mobil.

Angola has this year become the biggest oil producer in sub-Saharan Africa, overtaking Nigeria, whose production has been affected by rebel attacks on production facilities, particularly those of Royal Dutch Shell.

Nigerian oil is more valued by the market as it is lighter and has lower levels of sulphur, whilst Angola produces heavier and cheaper grades of oil.

According to figures from BP, last year Angola produced 1.72 million barrels of oil per day, behind a daily 2.36 million barrels produced in Nigeria.

In June this scenario had been turned on its head, with Angola producing an average of 1.9 million barrels of oil per day and Nigeria just 1.84 million. (macauhub)