Luanda, Angola, 4 Dec – Angola has oil reserves that will make it possible to maintain daily production of 1.9 million barrels for the next 15 years, the country’s Oil Minister, Botelho de Vasconcelos said.
The oil reserves that ensure current production levels and extraction capacity in Angola pointed out by Botelho de Vasconcelos to newspaper Jornal de Angola, total 13.1 billion barrels.Botelho de Vasconcelos, who also currently holds the rotating presidency of The Organisation of Petroleum Exporting Countries (OPEC), a role that will end this year with a meeting in Luanda of all the OPEC oil ministers, also noted that “over the years, the relationship between production and reserves has been balanced.”
The most recent contributions to Angolan production, which is already the biggest oil producer south of the Sahara, are Blocks Zero and 14. The minister also said that in 2010 and 2011, new oil fields would go online, without providing details.
Angola currently has an oil production potential of 2.1 million barrels per day but is limited is limited due to the quota set by OPEC, of around 1.7 million barrels. (macauhub)