Angola Says It Has 4B Barrels More in Oil Reserves than OPEC Estimate

Reuters

DAEGU, South Korea (Reuters) – Angola has 13 billion barrels of proven oil reserves, a top oil official from the African nation said, nearly 4 billion barrels more than an OPEC estimate for late 2012.

The Organization of the Petroleum Exporting Countries, whose estimates on the oil reserves of its members often differ from the countries' own numbers, has said Angola had 9.1 billion barrels of oil reserves at the end of last year (www.opec.org).

Angola's vice minister for petroleum, Anibal Octavio Teixeira da Silva, told the World Energy Congress in South Korea on Tuesday that the country would continue producing 1.7 million barrels of oil per day through the end of 2013. It expects to reach 2 million bpd by 2015.

Angola had originally planned to hit the 2 million bpd target this year, but Oil Minister Jose Botelho de Vasconcelos said at the end of 2012 that this was unlikely. He has since been quoted as saying it may happen in 2014 or 2015.

A shipping list showed last month that Angola's oil exports would rise to around 1.74 million bpd in November, leaving supplies virtually level with top African producer and fellow-OPEC member Nigeria.

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