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Angola will develop 12 oil projects in the next two years

Angola will develop 12 oil projects in the next two years

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The day before the report, Africa's second largest oil exporter in Angola will be 12 oil development projects approved before 2020, has identified further development issues in block 17, at the same time on the No. 15, No. 16, No. 31, No. 32, block the development of assessment, the total amount of about 538 thousand barrels of crude oil production block.
Angola's Ministry of Finance said that this year will be 50 dollars per barrel for the foundation, make a final investment decision on the 5 Total project operation of the 17 blocks, namely Zinia two, Dalia two and three, Clov and two. In addition, Angola will also assess the BavucaSouth-ClochasSouth project in block 15, the block operator Exxon Mobil.
2019 Chevron will operate 14 blocks of Kuito and Negage project, 16 blocks of Chissonga project and the BP operation of the 31 blocks of the PAJ project to make a final investment decision. In 2020, Total will operate 32 block of the ACCE project, and Zinia two phase expansion project final investment decision.
The 12 projects are critical to boost local crude oil production in Angola and will help maintain the country's crude oil level of 1 million 600 thousand to 1 million 700 thousand barrels. The government of Angola points out that these projects will also provide urgently needed jobs for international and domestic contractors, especially underwater contractors.
"The Wall Street journal" pointed out that the 2014 slump in oil prices so far, Angola has not approved any local oil development projects, production costs, increased bureaucracy and Angola's oil plus (Sonangol) management shake up, international oil prices and oil service business has begun to reorganize the Angola business, and re negotiation of service contracts. As oil prices are expected to increase in the near future, Angola, who wants to speed up production, can no longer sit still. Then the important parts of the country are sorted out and decided to develop.
At the end of last year, Angola announced the country's fiscal budget for 2018, which stressed that all measures would be taken to pave the way for the development of new oil fields. The government of Angola expects that if new development projects are not approved again, local crude oil production will decline from the mid 2019 to 1 million 60 thousand barrels per day by 2023.
According to the data from the Ministry of finance of Angola, Angola exported 596 million barrels of crude oil in 2017, a decrease of 34 million barrels compared with 2016, an average of 52 dollars per barrel, an increase of nearly 12 dollars compared with that in 2016, which is higher than that in 2017, which is estimated to be 46 dollars in the national budget of 2017. The export of crude oil was $30 billion 166 million, an increase of 18.13% over the same period. Crude oil export Revenue $16150 (about 1 kwanzas wide $0.006), an increase of 23.47%.
Angola's oil minister said DiamantinoAzevedo days ago, OPEC will not further expand the production scale in 2018, the Angola production limit of 1 million 800 thousand barrels / day. As the second largest exporter of crude oil in Africa, Angola plans to open gold mining in 2019 to diversify its economic structure and change its current situation of over reliance on crude oil and diamonds. "We are very serious about strengthening the diversification of the economic structure." DiamantinoAzevedo stressed, "however, the oil industry is still the core pillar."