FACTBOX-Angola plans surge in oil output

Mon Nov 9, 2009 11:59am GMT
 
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Nov 9 (Reuters) - Angola's oil industry is booming as investment increases after the end of three decades of war and oil industry officials say crude oil production could increase by as much as two thirds over the next five years.

Following are some key facts about the country's oil industry and a brief overview of some major oil developments in the pipeline until 2015.

OIL RESERVES

* Angola has probable oil reserves of 13-19 billion barrels, analysts say, giving it the third largest hydrocarbon resources in Africa behind Libya with 40-45 billion barrels and Nigeria with reserves of 35-40 billion barrels. But a relatively stable political environment and increasing security are attracting billion of dollars of foreign investment and the rate of discovery of new oilfields is outpacing many of its rivals.

OIL PRODUCTION

* Angolan crude oil output exceeded 1.9 million barrels per day (bpd) in October when it briefly overtook Nigeria as Africa's largest oil producer and production has averaged just under 1.8 million bpd this year.

* Multinational oil companies Exxon Mobil Corp. (XOM.N), Total SA (TOTF.PA), Chevron Corp (CVX.N), BP (BP.L) and Eni (ENI.MI) all have major projects coming on stream between 2011 and 2015 that could add up to 1.2 million bpd of new production.  Continued...

 

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