Angola to Invest More Than $50B in Oil and Gas

CAPE TOWN (I-NET), May 28, 2010

Angola, expecting its oil production to rise to 2.2 million barrels a day by next year, is investing $50.6 billion in upstream and downstream projects between now and 2013.

Just over two thirds of the money will come from foreign investors.

Anibal da Silva, deputy oil minister, told a conference in Cape Town on Thursday the investments will include a new refinery, an LNG project and a distribution network for refined product.

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

He told delegates at the Oil and Gas Outlook Africa that the LNG plant will be up and running by the first quarter of 2012, and that it will put out 5.2 million tons of product a year.

Da Silva said the distribution market for oil refined product will be liberalized to allow the entrance of new operators to develop a distribution network across the country, using an equalized maximum price model.

He said the country has "an attitude of absolute respect for legal and contractual stability to guarantee investors a favorable work environment and the recovery of their investments."

New ultra-deepwater fields will come on stream and new exploration licenses are being granted, he said, and more than 30 new oil discoveries are under development and production phases.

Copyright (c) 2010 Dow Jones & Company, Inc.


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