Luanda – Angola’s crude oil production is set to reach 1.3 million barrels per day, according to the Organisation of Petroleum Exporting Countries (OPEC).
The decision is expressed in its production table for December published on its website, after the 22nd Ministerial Meeting.
OPEC) and non-OPEC countries agreed Thursday to maintain plans to increase oil production by 400,000 barrels per day (bpd), starting in December this year.
Angola is the third largest producer in Africa, but is currently experiencing a decline, with production standing at around 1.1 million barrels per day, an amount that could increase if the new marginal fields come into operation.
In his State of the Nation Address, the President of the Republic, João Lourenço, said that work is being done to reverse the downward trend in the oil sector, through the swift application of the new legislation approved in the field of Oil and Gas.
Among other preconditions, the reversal of the decrease in crude will also involve an increase in the recovery rates of production fields and the re-launch of oil exploration in general, according to the Angolan Executive.
Accelerating the production of non-associated natural gas and using associated gas production to supply Angola Liquefied Natural Gas (LNG) are other aspects stated by the President of the Republic to achieve this goal.
In Thursday’s meeting, OPEC and non-OPEC reiterated the decision taken at the 10th Ministerial Meeting of the organisation and partners, on April 12, 2020, including subsequent ones, such as the 19th Ministerial Meeting, held on July 18, 2021.
However, the Organisation decided to maintain the current production strategy, which involves extending the agreement established last August, that is, monthly increases of 400,000 barrels per day (bpd).
As a result, the Group reiterates the critical importance of adhering to full compliance and the compensation mechanism, taking advantage of the extension of the compensation period until the end of December 2021.
According to the organisation, the plans must be presented in accordance with the declaration of the 15th, emerged from the Ministerial Meeting of OPEC and non-OPEC.
The 23rd OPEC and non-OPEC Ministerial Meeting is scheduled for next December 2.
Angola presides over the presidency of the OPEC Conference, represented by the minister of Mineral Resources, Oil and Gas, Diamantino Azevedo.
Source: Angola Press News Agency