Major international oil exploration and production companies active in Angola include Total, with 41 percent market share, Chevron with 26 percent market share, Exxon Mobil with 19 percent market share, and BP with 13 percent market share. Other international players include ENI and Equinor.
How much oil does Angola produce a day?
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.
Does Angola need a refinery?
The refining of crude oil and distribution of refined oil remains well below domestic demand. To reduce the country’s dependence on imported refined petroleum, the Government of Angola has plans for the construction of national refineries. Looking to explore Angola’s Oil & Gas sector?
Where does oil come from in Angola?
Almost 75 percent of the present oil production comes from offshore fields. The Government of Angola introduced legal reforms, restructured the state oil company Sonangol, and created the National Agency for Petroleum and Gas in response to stalled investments in 2014 as oil prices dropped significantly and foreign currencies remained limited.