Angola has enough oil reserves for 21 years of exploration

19 October 2012

Known oil reserves in Angola will allow for exploration for the next 21 years, according to the World Bank in “Africa’s Pulse” a biannual analysis of the issues affecting the economic outlook in Africa.

Nigeria, the region’s main producer, can expect to provide oil at equivalent levels to 2011 for another 41 years, and the document noted that established oil producers on the continent accounted for less than 10 percent of both world reserves and annual production.

“Africa’s Pulse,” cited by Angolan newspaper O País, said that production in countries with mineral resources, such as Ghana,, Mozambique, Sierra Leone, and Uganda would also last for a significant number of years.

According to the World Bank’s report, new oil and gas discoveries, as well as of other mineral resources, in African countries, will generate significant wealth in mineral resources in the region and the economic relevance of natural resources will continue. (macauhub)