Angola says will increase oil output

Dec 31, 2012 12:00 AM

Oil production in Angola until 2014 will be pegged at two million barrels per day according to the southern African country's oil ministry, state media reported.

"Between January and November this year the production average was 1.7 million barrels per day thanks to the Satellites do Kizomba first phase project in 15th offshore block exploitation starting," Angolan news agency angop said.

"The Satellites do Kizomba first phase project exploitation will help the exploitation of 100,000 barrels more per day."

The agency further said like in 2011, oil production during 2012 has steadily fluctuated due to technical problems in some regions of the country.

"The average during the first semester of this year was 1.76 million barrels per day whereas during the second semester was 1,74 million."

Angola is Africa’s second-largest crude oil producer after Nigeria and the country´s leadership main claim is using oil wealth to better the lives of its people.

It is a member of the Organisation of Petroleum Exporting Countries (OPEC).

In October the newly established Angolan Sovereign Oil Fund was endowed with a sum of $5 billion.

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