Angolan Crude Output Set to Jump on Deepwater Projects
Source: OilVoice (4/12/10)
"Angolan oil output stands to rise by 16% by the end of 2010. . ."
The projection highlights how Angola is pushing forward with its promise to increase output levels. The most recent forecasts tell how well the West African nation has performed against its promise thus far, having already produced in excess of its 1.571 million barrels per day (bpd) OPEC quota.
A number of times, Angola has attempted to have its OPEC production quota reviewed by the oil producer group, or even lifted altogether. The Angolan government is fighting its corner as it has argued that it needs the revenues that precede increased production to rebuild its war-torn domestic infrastructure.
Anibal Octavio da Silva, The deputy petroleum minister, has forecast that crude output will rise by 16% to around 2.2 million bpd by 2011, north of its current level at 1.9 million bpd. In addition to the batch of projects which have recently come onstream, da Silva added that as many as 30 more oil discoveries were presently under development.
Angola is predicting its oil industry to attract $50.6 billion in investment between 2009 and 2013. And it has its expansive upstream and downstream activities to thank for this. Around 40% of the expected investment has been budgeted to go towards the construction of a new oil refinery at the port of Lobito.
The 40% of investment ring-fenced to be put towards the delayed refinery is reported to be equivalent to around $20bn. The Lobito facility was initially scheduled to be completed by 2012, but due to the financial crisis, it been pushed back to 2014.