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.
What is the oil industry like in Angola?
The oil industry in Angola is dominated by the upstream sector – exploration and production of offshore crude oil and natural gas. Almost 75 percent of the present oil production comes from offshore fields.
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.
Will Angola start producing oil in 2024?
While billion-dollar gas projects progress, developments across the renewable, power and infrastructure sectors have also advanced, with several anticipating a 2024 start. The first phase of Angola’s Cabinda Refinery, an integrated modular oil refining platform, will start production in 2024.