Angola produced 1.3 million barrels of oil per day in 2020, the lowest level in the last decade. For comparison, in 2010, production reached a peak of around 1.8 million barrels daily. Though the African country still hast vast oil reserves, there is a lack of private and public investment.
How will Angola’s new oil plant affect imports?
The new plant will bump up Angola’s fuel production to 1.58 million litres a day, contributing to a 15 percent reduction in annual imports, according to state oil company Sonangol.
Who is the largest oil company in Angola?
TotalEnergies is the country’s leading oil operator with close to 45% of Angola’s operated oil production, 4 operated blocks in development phase, blocks 16, 17/06, 20/11 and 21/09, and 2 blocks in exploration phase, blocks 29 and 48.
Will Angola build a third largest oil refinery in Soyo by 2024?
The Quantem consortium, which comprises American companies TGT, Quantem, Aurum & Sharp and the Angolan company Atis-Nebest will invest $3.5 million-dollars to build Angola’s third largest oil refinery in Soyo by 2024. Once completed, the refinery is expected to process 100,000 oil barrels per day (bpd).