Angola to raise oil production

Jul 21, 2006 02:00 AM

Angola is preparing to increase daily oil production in 2007 from the current 1.3 mm barrels to over 1.5 mm.
Humberto Solis, senior Sonangol specialist (Sociedad Nacional de Combustibles de Angola) said this relies on investments made at several off coast blocks.

Oil is vital for the domestic economy since it signifies 65 % of the GDP and 90 % of exports. The development program involves contracts with oil monopolies to obtain state-of-the-art technology, greater capital and highly specialized know-how.
Angola will also exploit the accompanying gas to produce and export other chemicals, and will build a refinery in Benguela to process acid and heavy oil that will help create 6,000 new jobs.

Source: Prensa Latina
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