April 8 (Bloomberg) -- Angola, which vies with Nigeria as Africa’s biggest oil producer, expects new discoveries to boost crude output by 16 percent next year.
Oil production will reach 2.2 million barrels a day by 2011, compared with 1.9 million barrels at present, Deputy Petroleum Minister Anibal Octavio da Silva said.
“New ultra deepwater fields will come on stream and new exploration licenses are being granted,” he told a conference in Cape Town today. “More than 30 new oil discoveries are under development.”
Angola expects its oil industry to attract $50.6 billion in investment between 2009 and 2013, with 39 percent of the funds earmarked for a refinery being built at the port of Lobito.
“It is anticipated that the new refinery will come into production by 2014 and initial processing capacity will be 115,000 barrels of oil per day, to be increased up to 200,000 barrels of oil per day by 2015,” Da Silva said.
Investors are being sought for the project, which is currently wholly owned by Sonangol SA, the state-oil company.
Sonangol also has a 22.4 percent stake in a $7.3 billion liquefied natural gas project, which is due to start production in 2012, Da Silva said.
Angola intends reviewing laws governing the distribution of refined oil products to encourage new entrants into the market.
“A maximum price model” will be introduced, Da Silva said. “The operators will be allowed to hold storage facilities up to 10,000 cubic meters of capacity.”
--Editors: Stephen Cunningham, Raj Rajendran.
To contact the reporters on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net;
No comments:
Post a Comment