|October 11, 2005
Oil production to double by 2010
Angola's current oil production of 1.1 million barrels a day is expected to rise to two million in 2010, an official of a US-based company has estimated. Speaking alongside the workshop on "BP and Partners," Andrew Hayman, director for Africa and Middle East of International Energy Company (IHS), said Angola would become a great supplier of petroleum to such countries as the United States and China in the coming 25 years. Hayman said his estimates were based on data he got from Angolan Oil Company (SONANGOL) and multinational firms that operate in the country, added to research carried out by his company. According to him, Angola, as compared with other crude oil producers on the continent, enjoyed a privileged position, thanks to its significant commercial findings. He stated that in 2004, Africa produced an average 9.3 million barrels of oil a day, a figure that, however, might rise, taking into account that new countries are entering the producers club.
Angola is the second major petroleum producer south of Sahara, the country's oil reserves are estimated at about 12.000 million barrels.