Angola to export 50 million barrels of oil in September

23 July 2013

Angola will export 1.67 million barrels of oil per day (bpd) in September, which is slightly less than in August, according to the provisional loading schedule on the London future market, cited by financial news agency Reuters.

The provisional schedule shows that in September 50 million barrels of oil will be exported on 52 oil tankers, or slightly less than the 1.70 million barrels per day expected in August.

Angolan crude oil production has been increasing although the country has yet to reach the target of at least 2 million barrels per day.

This is due to a natural decline in production as some oil fields, such as Chicomba, operated by Exxon Mobil, although oil extracted at Pazflor, operated by BP, helped to offset that drop.

Figures from Reuters showed that Angola’s average monthly load this year is 1.72 million bpd, or slightly less than Africa’s biggest producer, Nigeria, which exports 1.9 million bpd.

Figures from British newspaper the Financial Times recently showed that Angola could become Africa’s biggest oil producer in 2014, overtaking Nigeria, due to internal problems in the country.

Reuters said that projections for Angolan production may increase if large oil groups are successful in find oil in the deep waters of the Kwanza basin, a region that is considered to have similar geology to that of Brazil, where large fields of light, high quality oil have been found in the last few years. (macauhub)