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Angola’s energy roadmap aims to reverse oil output decline

Angola’s energy roadmap aims to reverse oil output decline

Africa’s second-biggest oil exporter, Angola, has unveiled a 2020-2025 energy roadmap which foresees oil discoveries of up to 57 billion barrels of crude oil and 27 trillion cubic feet of gas, state news agency ANGOP reported.

The plans involve $679 million in foreign investment and $188 million by the Angolan state, the agency reported late on Wednesday, part of an effort to reverse years of declining oil output and boost revenue for an economic reform drive.

Angola’s proven oil reserves currently stand at just seven billion barrels, according to the new Hydrocarbon Exploration Strategy cited in the report.

A study published earlier this week by the state hydrocrabon body, the Agencia Nacional de Petroleo, Gas e Biocombustiveis (ANPG), projected a sharp decline in crude production from existing fields beginning in 2008 and set to accelerate to almost nothing by 2040.

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Source: SweetCrudeReports

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