Oil companies plan to explore pre-salt layer in Angola

31 October 2013

Oil companies operating in Angola plan to prospect for oil located in the pre-salt layer, a geological layer below the sea bed, a senior official from state oil company Sonangol said Wednesday.

Domingos Cunha told financial news agency Bloomberg that the companies wanted to test the theory that the coasts of Angola and Brazil, where large pre-salt deposits have been found, are a sort of mirror-image of each other.

“The results we have so far show a similar quality of oil in Angola and Brazil,” he said.

In 2007 Petrobras announced that there was oil in the pre-salt layer, the biggest oil discovery in the last 30 years, with deposits of 20 billion barrels.

Mentioning investments of up to US$3 billion in 2014 alone, Domingos Cunha noted that BP, Statoil ASA and ConocoPhillips were just some of the companies that would attempt to replicate Brazil’s success.

Angola, which is the second-largest oil producer in sub-Saharan Africa, after Nigeria with production of 1.78 million barrels of oil a day in 2012, plans to start extracting 2 million barrels per day by 2015, thus overtaking its most direct African competitor. (macauhub)