Angola’s Sonangol sets plans to extract 3 billion barrels of oil by 2020

2 May 2014

Angola’s Sociedade Nacional de Combustíveis de Angola (Sonangol) plans to extract, by 2020, 3 billion barrels of oil and associated gas, the company’s director for exploration and production, Paulino Jerónimo said in Luanda.

At a meeting on natural gas organised by Argentinean company Pluspetrol, Jerónimo said that in order to reach that target by 2020 Sonangol would need the help of all its associated companies, as gas was becoming a source of wealth for many countries.

Sonangol has scheduled an auction for 3o May of 10 new exploration blocks of the onshore basins of the Kwanza and Congo Rivers.

In January of this year Severino Cardoso, Angola’s Exploration Director, said in Luanda that the 10 blocks accounted for over half the known oil reserves in Angola, or at least 7 billion barrels.

In October 2013 Angola’s Oil Minister, Botelho de Vasconcelos said that the country’s oil reserves totalled 12.6 billion barrels and that from 2015 onwards oil could be extracted from the 10 blocks that are due to be auctioned.

Angola is currently the second-largest oil producer in sub-Saharan Africa, after Nigeria, with around 1.7 million barrels per day. The target is to reach 2 million barrels per day by 2017. (macauhub/AO)