Angola has over 12 billion barrels of oil reserves

18 June 2015

Proven and probable oil reserves in Angola are estimated at 12.667 billion barrels, following recent discoveries in shallow, deep and ultra deep waters, the country’s Oil minister said Tuesday in Hamburg.

Speaking at the 7th German-African Energy Forum, which started Monday and finished the next day, Botelho de Vasconcelos said one of the priorities for the 2013/2017 period was to maintain a balance between reserves and production by auctioning blocks and making use of new exploration and production technologies.

Priorities also include the completion of ongoing development projects, including the Kizomba satellites in Block 15, among others.

Botelho de Vasconcelos, before an audience of over 150 people, recalled that Angola, when it become independent on 11 November 1975 produced only about 175,000 barrels of oil per day.

Oil production in Angola comes from eight offshore blocks and land concessions and currently exceeds 1.7 million barrels per day, “but we expect to produce two million barrels a day in 2014,” the minister said cited by Angolan news agency Angop. (macauhub/AO)