Oil reserves in Angola’s territorial waters estimated to total 12.667 billion barrels

3 October 2013

Angola’s oil reserve sin shallow, deep and ultra deep waters are estimated to total 12.667 billon barrels, Angola’s Oil Minister, Botelho de Vasconcelos said in New Orleans Monday.

The minister added that Angola currently produces some 1.751 million barrels of oil per day and is soon expected to be producing 2 million barrels per day once production increases at existing oil fields.

At the annual banquet of the Oil Engineers Society, in the US city of New Orleans, Louisiana, the minister also announced that 15 new onshore oil blocks would be auctioned in order further to involve Angolan private companies and to set up partnerships.

Cited by Angolan state newspaper Jornal de Angola, Botelho de Vasconcelos said that the issue of “national involvement” was one of the Angolan government’s concerns.

In this context, he said, the definition of the philosophy to include national companies in the sector is being analysed in order to offer more attractive conditions for Angolan businesspeople, by encouraging partnerships with foreign companies.

“In the last 20 years the oil sector in Angola has seen unparalleled growth for the West coast of Africa,”, he said noting that Angola had become a benchmark in the world for deep water oil fields. (macauhub)