Angola’s Oil Minister, José Maria Botelho de Vasconcelos said in Luanda that auctioning oil blocks and making use of new exploration technologies were moves intended to maintain a balance between oil reserves and production.
The minister said that the measure was part of the development strategy for distribution and sale of oil derivatives.
“This is an activity that has to be continues because Angola is currently producing in blocks, many of which are practically in decline and production has been falling, making it necessary to replace that,” said Vasconcelos cited by Angolan news agency Angop.
The minister said that replacements were being made in order to increase Angola’s oil production to a target of 2 million barrels per day.
Angola’s oil production currently stands at around 1.625 million barrels per day.(macauhub/AO)