Angola
Angola
Angola, which may soon be joining OPEC, wants to increase its daily oil production to 2 million barrels by 2008. But to meet that goal the country will need about $10 billion in additional annual investment, and it appears the money is forthcoming.
Chevron is among the companies that have increased investments in the country’s oil sector. The company produces about 500,000 barrels per day in Angola (roughly one-third of the country’s output) and its subsidiary, Cabinda Gulf Oil Co., has started producing oil from the Landana North reservoir in the Tombua-Landana development area. Landana is about 50 miles off the coast of Cabinda, an enclave that belongs to Angola (though not contiguous with that country), located north of the Congo River mouth. When Landana’s peak production is reached in 2010, output for its 46 wells should be 100,000 barrels per day.
Posted on Jan. 17, 2007
http://www.energytribune.com/articles.cfm?aid=353
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Saudi Arabia Warns Angola on Oil Expansion
3/14/2007
URL: http://www.rigzone.com/news/article.asp?a_id=42519
Saudia Arabia, the most powerful member of the Organization of the Petroleum Exporting Countries, has told Angola, its newest entrant, not to assume it will be able to expand production past 2 million barrels a day, The Financial Times reports Wednesday, without citing sources. This is a blow to the world's biggest oil companies, which have already paid Angola billions of dollars for the right to explore and produce its oil. Angola joined the oil cartel in January and should reach the 2 million barrel a day threshold at the start of next year. It had a target ofproducing 2.5 million barrels a day by 2012, a target which has now been thrown into doubt.
Angola, one of the poorest places on Earth, is an oil industry darling
By Jad Mouawad
Published: March 19, 2007
