Angola determined to produce 2 million barrels of oil per day

9 December 2014

Angola is determined to achieve production of 2 million barrels of oil per day between 2015 and 2016, announced in Luanda, the director for exploration and production of Angolan state oil company Sonangol.

Paulino Jerónimo said the board of directors chaired by Francisco de Lemos had set the production target and that it should be maintained for at least five years.

With the recent drop in the price per barrel of oil the oil industry is facing great challenges to optimise development costs and the operations of the various projects, he said, cited by Angolan state newspaper Jornal de Angola.

At the inauguration ceremony of the floating oil production, storage and offloading vessel of French group Total, the chief executive officer, Patrick Pouyanne, said that, despite the unfavourable context and volatility of oil prices in the international market, the group would continue with its planned investment.

Pouyanne said the cost of the company’s operations in Angola were calculated base don a minimum price per barrel of US$30, which makes it possible to continue with investments and the “Angolanisation” process underway in the local oil industry. (macauhub/AO)