Angola Exports Stagnate
Wednesday, July 17, 2013
If Angola was hoping to catch up with Nigeria and surpass it in the crude production export race it had better pick up the pace. The southern African country’s export totals are slipping according to a shipping roll for September’s exports; Angola’s will only hit 1.67 million bpd.
The country is almost 400,000 bpd down from its target of 2 million bpd for 2014 and some 500,000 bpd away from Nigeria’s crude export totals.
Angola’s oil minister Jose Botelho de Vasconcelos predicted two million bpd by 2014 last year but it looks like that number will not be met.
The stagnating output is attributed to a natural decline in some fields, such as the Xicomba, although new volumes from Total’s Pazflor have helped to offset the fall.
“The 2 million bpd production figure seems ambitious. Production is also partly based on demand from different parts of the globe and that figure seems high based on current trade flows,” said Rolake Akinkugbe, head of oil and gas research at Ecobank in a Reuters report.