Angola expected to produce 2 million barrels of oil per day in 2017

12 May 2014

Angola will only be able to produce over 2 million barrels of oil per day in 2017, according to the Banker magazine, which published a 13-page report on the second-larges oil producer in Africa.

“Analysts are of the opinion that Sonangol’s projection, that exports will reach 2 million barrels per day in 2015, are not realistic and, even is the companies are optimistic about onshore and ultra-deep [pre-salt] blocks, any discoveries made there will take a few years to become operational,” according to the article in the Banker magazine, which is part of the Financial Times group.

Cited by Portuguese news agency Lusa, the report on Angola is split into five parts: the first deals with Angola’s history after the end of the civil war an presents the country’s main challenges, the second focuses on the banking and financial sector, and the third presents a profile of the governor of the central bank, José de Lima Massano.

The final two articles analyse macro-economic reforms and their impact on companies, particularly in terms of the law requiring payments to oil company suppliers in national currency and the new customs tariffs.

According to the magazine Angola will produce 1.79 million barrels of oil this year, increasing to 1.85 million and 1.9 million barrels in 2015 and 2016, and will only break the 2-million barrier the following year. (macauhub/AO)