Oil production in Angola is recovering with the commissioning of some fields and the launch of activities of the Clov project (Cravo, Lirio, Orquidea and Violeta) in Block 17, the country’s Oil Minister said Thursday in Luanda.
Botelho de Vasconcelos gave assurances that with this recovery and increased production, the government had maintained its target of daily production of over 2 million barrels of oil from 2015, according to daily newspaper Jornal de Angola.
On opening a seminar on oil and gas organised by the International Association of Oil and Gas Producers Association, the minister noted that the prospects for oil and exploration and production in Angola were “positive and encouraging,” considering the expected increase in investments in exploration, development and production in traditional areas, but especially in the pre-salt layer.
Due to a drop in oil production in the first half as a result of the shutdown of some oil fields, Angolan international reserves declined in July for the fourth consecutive month, to US$28.6 billion against US$29.5 billion in June this year, according to figures from the National Bank of Angola.
The CLOV project is expected to achieve daily production of 160,000 barrels “over the coming months,” through four oil fields in the deep waters between 1,100 and 1,400 metres, in the Lower Congo Basin.
With estimated reserves of over 500 million barrels, the project has production potential of over 20 years and includes 34 wells and eight manifolds connected by 180 kilometres of subsea pipeline to a floating production unit.
Total, with a 40 percent stake, is the project’s operator and its partners are Statoil ASA with 23.33 percent, Esso Exploration Angola (Block 17) with 20 percent and BP PLC with 16.67 percent. (macauhub/AO)