Ver Angola


Oxford Economics predicts oil production to be 1.16 million barrels per day

British consultancy Oxford Economics considered that oil production in Angola is expected to increase by three percent this year, rising from 1.13 million barrels per day in 2023 to 1.16 million this year.


"We currently predict that oil production in Angola will increase by 3 percent, from 1.13 million barrels per day in 2023, to 1.16 million barrels per day in 2024", reads a comment on the April figures, which show a monthly drop, despite production having increased since the beginning of the year.

Oil production in Angola fell slightly in April, to 1.11 million barrels per day, 60 thousand barrels less than in the previous month, but even so, accumulated since January, it registered an increase compared to the first four months of 2023, say analysts from the British department from a London consultancy.

"The country's exit from the Organization of Petroleum Exporting Countries (OPEC) and the start of two projects this year should help keep oil production slightly above the current level for the rest of the year", say analysts at comment sent to investors, and to which Lusa had access.

Angola, they recall, "is no longer linked to OPEC goals, but it is still likely that there will be production losses related to the maintenance of some wells, and the predictable depletion of older wells".

These reductions in production could, however, be offset by the entry into operation of the Begónia well and Phase 3 of the CLOV project, both operated by TotalEnergies, at the end of this year, "which could add around 300 thousand barrels per day to production ", conclude the analysts.

April's production, set at 1.1 million barrels per day, is similar to the production proposed by OPEC in December for this year, which led Angola to leave the organization as it wanted autonomy to produce above this limit.

The Minister of Energy and Mineral Resources, Diamantino Azevedo, said at the time that the production target for this year was 1.18 million per day, but more recently the Secretary of State for Oil and Gas, José Barroso, stated that the target by 2030 it would be 1.10 million barrels per day, balancing the rate of decline in current wells and measures to attract new investment in the sector.


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