Angola Sees Oil Output Rising 10% This Year to 1.84M Bpd


JOHANNESBURG, March 20 (Reuters) - Angola expects oil output to average 1.84 million barrels per day (bpd) this year, up 10 percent from 1.67 million bpd in 2014, according a revised 2015 budget passed by parliament on Thursday, the state news agency said.

Angola's parliament voted heavily in favour of passing a revised 5.4 trillion kwanza ($51 billion) 2015 budget, cutting spending by 1.8 trillion kwanza from its original plans due to a halving of oil prices since June last year.

The revised budget figures are based on an oil price of $40 per barrel rather than the $81 previously forecast and predicts a budget deficit of 7 percent of GDP.

Oil accounts for around half of Angola's GDP, 80 percent of tax revenues and 90 percent of export earnings.

Angola's state-oil company Sonangol lay out ambitious plans to increase oil production last month after what it called a "very difficult" 2014 as cost cuts soared, prices slumped and technical problems hit output.

The OPEC-member has missed its oil production target of 2 million bpd for several years due to project delays and disappointing levels of investment as oil majors scaled back exploration projects due to the global economic downturn.

Chevron, Exxon Mobil, Total, BP and China's Sinopec are all major producers in Africa's second largest oil exporter.

(Reporting by Joe Brock; Editing by James Macharia)

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Drilling & Completions Cost Engineer
Expertise: Cost Engineer
Location: Houston, TX
Project Controls Intern Job
Expertise: Project Controls|Student / Recent Grad
Location: Amarillo, TX
Drilling and Complations Cost Engineer
Expertise: Cost Engineer
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.68/BBL 0.27%
Light Crude Oil : $49.25/BBL 0.74%
Natural Gas : $3.24/MMBtu 3.18%
Updated in last 24 hours