"With the cancellation or postponement of the new investments planned for this year, BFA expects average annual production to be 1.3 million barrels per day, a drop of more than 5 percent, which compares with the initial expectation of around 1.39 million barrels," reads a report on the Angolan markets.
In the document, sent to customers and to which Lusa had access, BFA analysts write that "from January to April this year crude exports stabilised at -0.2 per cent when compared to the same period last year, to an average of 1.39 million barrels per day".
The big difference, they stress, is in the value of exports, which fell by half in the first months of the year, with Angola exporting around 1.44 million barrels in April, up 3.5 percent from April 2019.
"The average export price, however, fell to US$29.6 per barrel, or 55 percent less than in April 2019, a fall in line with the effect of covid-19 on this raw material," the report said.
"With the decline in price, revenues fell 53.5 percent over the same period, to US$1.32 billion," the report notes.
National oil production continues at a slower pace, with prospecting activities practically halted due to fears of covid-19 spreading by operators in the country.