Angolan oil production expected to reach 2 million barrels of oil per day in 2014

13 January 2012

Luanda, Angola, 13 Jan – Crude oil production in Angola in is expected to increase from the current amount of 1.8 million barrels per day to 2 million by 2014, the country’s Oil Minister, Botelho de Vasconcelos told state newspaper Jornal de Angola.

“We have a production capacity of 1.8 million barrels per day and we are working to reach, possibly in 2014, around 2 million barrels per day,” the minister said, adding that there were oil fields due to go into production this year and others in 2013 and 2014.

Botelho de Vasconcelos noted that Angolan production accounted for between 2 and 3 percent of world oil production, and that as a result of political tension in the Middle East, in 2011 the price of Angolan oil rose to an average of between US$105 and US$110 per barrel.

The Oil Ministry had issued 980 import authorisations, licensed 115 new national companies to set up petrol stations, for land transport, lubricant retailing, butane gas, storage, and distribution as well as renewing 134 licenses for companies and individuals, the minister added. (macauhub)