AFRICANGLOBE – Angola will export 1.67 million barrels of oil per day (bpd) in September, which is slightly less than in August, according to the provisional loading schedule on the London futures market.
The provisional schedule shows that in September 50 million barrels of oil will be exported on 52 oil tankers, slightly less than the 1.70 million barrels per day expected in August.
Angolan crude oil production has been increasing although the country is yet to reach the target of at least 2 million barrels per day.
The inability to reach the targed 2million bpd is due to a decline in production from some oil fields, such as Chicomba, operated by Exxon Mobil, although oil extracted at Pazflor, operated by BP, helped to offset that drop.
Data available showed that Angola’s average monthly load this year is 1.72 million bpd, slightly less than Africa’s biggest producer, Nigeria, which exports 2 million bpd.
The Financial Times newspaper recently filed a report which seemed to suggest that Angola could become Africa’s biggest oil producer in 2014, overtaking Nigeria, if current trends continue. That is if production in Nigeria stays at the current 2million daily production.
Other media reports said that projections for Angolan production may increase if large oil groups are successful in find oil in the deep waters of the Kwanza basin, a region that is considered to have similar geology to that of Brazil, where large fields of light, high quality oil have been found in the last few years.
Angola has seen a surge in investment into its oil and gas sector notably from China, Brazil, and other countries leading to new oil fields under exploration. Apart from being the second biggest oil producer, it is among one of the 6 countries in Africa that are included in the top ten growing economies in the world this year.
By: Anthony Sedzro