Luanda, Angola, 28 Oct – Oil production in Angola currently stands at 1.75 million barrels per day, which is ten times the level of production in 1975 immediately after the country’s independence, Angola’s Oil Minister said Thursday in Luanda.
Speaking at a conference on “Arbitration in Oil” as part of the academic programme of the 3rd post-graduate course in oil and gas law at the Law Faculty of Agostinho Neto University (UAN), Minister Botelho de Vasconcelos noted that in 1975 Angolan oil production was no more than 173,000 barrels per day.
“Success in the oil sector is due to the high potential of reserves, the technical and financial capacity that is available and good management of human resources,” he added noting that the history of the oil sector in Angola went back to 1910.
The first commercial production, in the onshore area of the Congo Basin, began in 1955 at the Benfica reserve, which indicated that there was oil in Angola in commercial quantities and that surveying and prospecting work could continue.
In 1966, he said, the first large oil reserve in Angola was discovered in Cabinda by the Cabinda Gulf Oil Company and from then on onshore and offshore blocks were established and contracts negotiated with a variety of companies.
In the period following Angola’s independence, the minister said, there were significant changes to the legal and structural framework of the oil sectors, with the creation of Sonangol, as the exclusive concessionaire, in 1976 and the publication of Law 13/78 (Law on Oil Activities) (macauhub)