Angolan oil production expected to reach 2 million barrels per day in 2015

26 February 2014

Angola is expected to produce 2 million barrels of oil per day in 2015 despite the drop in production seen in 2013, the chairman of Angolan state oil company, Sonangol said Tuesday in Luanda.

During the company’s results presentation, Francisco de Lemos Maria said that Angolan oil production had fallen by 3 percent year on year in 2013 due to technical problems at blocks operated by Total, BP and Chevron and Exxon Mobil.

Lemos Maria also said that due to a drop in production and price per barrel, Sonangol had seen a drop in sales to US$3.687 billion by value, or 11 percent compared to 2012.

As a result of production of 626.1 million barrels, which was less than the 633.1 million seen in 2012, Sonangol posted a profit of US$2.96 billion, said Lemos Maria.

At the same meeting Anabela Fonseca, director for international investments, announced that the company had decided to give up its exploration of two oil fields in Iraq due to security issues.

In 2009 Sonangol was granted operation of the Qayara and Najmah, in north-eastern Iraq. It is now waiting for a technical and financial audit that will allow it to leave the country without reneging on its contractual obligations.

Fonseca also said that in 2013 China remained the main buyer of Angola’s oil, with 45 percent of the total, and the United States had fallen to fourth place due to advances made in shale oil production. (macauhub)