Angolan oil exports remain above 1.8 million barrels per day in February

18 December 2009

London, United Kingdom, 18 Dec – Angola’s oil exports are expected to remain above 1.8 million barrels per day in February, despite a slight drop on the previous month, according to export projections from operators in the country.

The projections issued Thursday, which include oil companies such as BP, Chevron and Exxon Mobil, point to 1.816 million barrels of crude oil exports per day in the second month of 2010, or a total of 50.8 million barrels for the month.

In January projections point to a total of 57.5 million barrels, or 1.856 million barrels per day, which is well above the quota set for the country by the organisation of Petroleum Exporting Countries (OPEC).

According to Angola, the OPEC quota is currently 1.656 million barrels, but calculations from some market analysts cited by financial news agency Bloomberg point to just 1.517 million barrels.

Angolan exports fell in November and December, when they totalled 1.76 million barrels per day.

According to Angola’s oil minister, Botelho de Vasconcelos, the country has oil reserves that will make it possible to maintain daily production of 1.9 million barrels for the next 15 years.

The oil reserves that ensure current production levels and extraction capacity in Angola pointed out by Botelho de Vasconcelos, who is also the current chairman of OPEC, total 13.1 billion barrels.

The contribution of the Angolan oil sector to the country’s GDP, thanks to the quota imposed by OPEC on production and a fall in price, between 2007 and 2008 fell from 58.3 percent to 38.9 percent. (macauhub)