Angola's oil production to reach highest level in 2011

Dec 04, 2006 01:00 AM

Angola will attain in 2011 its highest oil production level (2 mm and 600,000 barrels/year), with discoveries of new fields in deep and ultra-deep waters, according to a prediction of a World Bank report on the country's economy.
According to the document that was presented in Luanda, at the moment the country produces 1 mm and 600,000 barrels.

Oil reservoirs at superficial waters, mainly in the northern Cabinda province, which represent over 50 % of the current production, have reached their final stages, with the deep and ultra-deep waters being the possible future of the sector.
It indicates that the increase in production may occur if discoveries in the Blocks 31 and 32, of ultra-deep waters start producing soon.

In 2020, according to a bar graph, a low production very similar to that of the year 2000 is expected.
Six main areas have been identified in the report that need a plan of analysis, viewing the execution of a development strategy with a wide foundation, amongst whichthe conclusion of the transition to a market economy.

Source: Angola Press Agency
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