Angola in Sub-Saharan Africa is the second largest oil producer in Africa after Nigeria with oil production approximately 1.7 million barrels per day (bpd) in 2011.
Angola exports more than 90% of its crude oil primarily to China and the US. Angola’s oil and oil derivatives industry accounts for 91.92% of total exports. Petroleum and petroleum products generated nearly $9.7 billion in State revenues in 2004. Angola is a key player in Africa’s oil industry as both a major producer and exporter.
Better known for its four decades-long civil war during the last century, the former Portuguese colony and now third-largest African economy, just behind Nigeria and South Africa, is touting optimistic production forecasts of 2 million barrels per day (bpd) next year or roughly 3 percent of world crude production in coming years.
Eni plans to start production within five months as operator of Block 15-06’s West Hub fields, estimated to hold reserves of 200 million barrels, and boost flows to 80,000 bpd. The block’s East Hub development is due to pump about 49,000 bpd after starting in 2016, according to the company.
The block is one of eight offshore projects being counted on to help raise production to 2 million bpd by next year from 1.66 million last month. That compares with Nigeria’s 2.15 million barrels daily.
Last month, Total started up CLOV, a major deep water offshore development, with a production capacity of 160,000 bpd of oil. The $10 billion CLOV project is estimated to hold 505 million barrels of crude oil and comprises 34 wells.
Angola could potentially regain the top oil producer spot by the end of 2014 with the start of oil production from the CLOV field project, according to Eco bank Research in its recent report.