Angola Hits Jackpot in Oil and Natural Gas Reserves


The Angolan National Society of Fuels (Sonangol) discovered enormous reserves of oil and natural gas reserves equivalent to the basins of Cuanza and Congo, reported today the Public TV.
According to estimates, the exploitation of these new reserves would be enough for a daily production of two million barrels of oil during three years.

The event would help Angola to increase production that at present is estimated in 1.8 million barrels per day of the fuel.

Sonangol informed recently that the gross production of oil in this country registered an increase of six percent in 2015 compared to the previous year.

In the previous year, the production of crude totaled 649 million 526 thousand 31 barrels, equivalent to a daily average of 779 thousand 524, that is, six percent more than the amount obtained in 2014.

Such increase, according to the source, is due mainly to the entry of new fields of the blocs 14 (Lianzi), 15

(Satelites-Kizomba II) and 17 (MPP Rosa and Dália 1A) and the consistent yield of the blocs 17, 18 and 31.

The total revenue of Sonangol in 2015 was 13 billion 336 million 750 thousand euros, a 34 percent lower than the total income of 2014.

That drop in income from fuel exports was compensated by the rise of the yield resulting from the activity of refining, distribution and sale of fuel.

Sonangol considers negative factors that influenced in the net benefit in 2015 the reduction of oil prices, the deterioration of wells in production, dry Wells and non-commercial discoveries.

In December, president Jose Eduardo dos Santos admitted the country faces a difficult momento due to the fall in petroleum world prices and defended the adjustment of programs in order to face 2016 successfully.

Diversification of the economy is maintained as fundamental target of the strategy designed by the authorities to stabilize growth rhythm and reduce and excessive dependency on that resource.