Angola could take Nigeria’s oil crown

MADRID – Angola, which is rivalling Nigeria as Africa’s major oil producer, said on Wednesday it planned to increase production by 100 000 barrels a day before the end of the year and invest massively in exploration and production.

“Production is actually 1,9 million barrels per day and it will reach two million barrels by the end of the year,” Angolan Oil Minister Desiderio Costa said at the World Petroleum Congress in Madrid. The president of the Sonangol national oil company, Manuel Vincente, said the country’s production plan and reserves would allow it “to maintain this production (two million bpd) rhythm for four or five years.”It also planned to “invest 100 billion dollars over five years” in oil exploration and production, he said.”Production levels have begun to take off since the start of this century,” due in part to new deep-water production sites, Vincente said in a statement read to industry professionals by his spokesman.Opec figures show Angola pumped 1,87 million barrels per day in April against 1,81 barrels in Nigeria, to become Africa’s top producer for the first time.As a sign of its growing importance, the southwest African country was this year attributed a production quota by Opec, which it joined in January, 2007.”Angola will continue to support efforts for price stabilisation,” while “balancing its commitment” to Opec, said Costa.Business ReportThe president of the Sonangol national oil company, Manuel Vincente, said the country’s production plan and reserves would allow it “to maintain this production (two million bpd) rhythm for four or five years.”It also planned to “invest 100 billion dollars over five years” in oil exploration and production, he said.”Production levels have begun to take off since the start of this century,” due in part to new deep-water production sites, Vincente said in a statement read to industry professionals by his spokesman.Opec figures show Angola pumped 1,87 million barrels per day in April against 1,81 barrels in Nigeria, to become Africa’s top producer for the first time.As a sign of its growing importance, the southwest African country was this year attributed a production quota by Opec, which it joined in January, 2007.”Angola will continue to support efforts for price stabilisation,” while “balancing its commitment” to Opec, said Costa.Business Report