Angola eyes output jump

ANGOLA EXPECTS NEW discoveries to boost crude output by 16 per cent next year when oil production will reach 2.2mn bpd, compared with 1.9mn barrels at present, deputy petroleum minister Anibal Octavio da Silva said.

"New ultra-deep-water fields will come on stream and new exploration licenses are being granted," he said at a conference held recently in Cape Town.

"More than 30 new oil discoveries are under development."

Angola expects its oil industry to attract US$50.6bn in investment between last year and 2013, with 39 per cent of the funds earmarked for a refinery being built at the port of Lobito.

"It is anticipated that the new refinery will come into production by 2014 and initial processing capacity will be 115,000 barrels of oil per day, to be increased up to 200,000 bopd by 2015," Da Silva said.

Investors are being sought for the project, which is currently wholly owned by Sonangol,who also has a 22.4 per cent stake in a US$7.3bn liquefied natural gas project, which is due to start production in 2012, Da Silva said.

Angola intends reviewing laws governing the distribution of refined oil products to encourage new entrants into the market.

"A maximum price model" will be introduced, Da Silva said. "The operators will be allowed to hold storage facilities up to 10,000 cu m of capacity."

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