January 6, 2007

Investments in oil exploration rise to 37 per cent

The investments in the field of oil exploration made in the country in the year 2006 reached US$ 10 million, representing an increase of about 37 per cent, compared to 2005, said Oil Minister, Desidério Costa. He added that in 2006 the national production grew and reached a daily average of about 1.4 million barrels.
With the start of production in Dalia Field (Block 17), in late 2006, and other projects to be implemented 2007, the minister predicts that the crude oil production in the country, in 2007, will reach 2 million barrels a day. He explained that Angola, through its national concessionaire Sonangol, exported until the end of the third quarter of 2006 about 129 million barrels of crude oil, at the average price of 63 US$ per barrel. Thus, explained the minister, the adhesion of Angola to the Oil Producing Exporting Countries (OPEC), responds to the increasing performance of the country in the world's oil market.
Costa also mentioned other investments soon to be implemented such as the implementation of the Liquefied Natural Gas (LNG) and the construction of the new refinery in Lobito city (southwestern Benguela Province). The minister also reaffirmed that the Oil Ministry continues to make sure that in its various activities there is a respect for the protection of the environment, in obedience of the law and in accordance with the international procedures in the oil field. (Angola Press Agency, Luanda)

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