The Angolan oil sector should soon see the entry of new projects, which will add added value to the market as a result of new investments.
The consultancy Oxford Economics Africa predicted, at the start of this week, that oil production in Angola will rise 4.4 percent this year, to 1.18 million barrels a day, after having grown 3.8 percent from January to August. . “Oil production in Angola continues to improve this year, in line with our projection; production grew 3.8 percent to 1.17 million barrels per day from January to August, compared to the same period last year, and our short-term outlook is optimistic, with production forecast to increase from 1.13 million barrels per day in 2021 to 1.18 million this year,” the analysts write in a commentary on oil in Angola. The consultancy also underlines that oil revenues, which are currently 40 percent more expensive than at the same time last year, rose by more than 72 percent in the first eight months of this year compared to the same period last year and anticipates new projects in soon in the country.
“Our short-term outlook for oil production in Angola is optimistic thanks to the new projects; phase 2 of the Zinia project, by TotalEnergies, and the Cuida project, by Italian Eni, whose production started in May and August 2021, respectively, in addition to the Cabaça Norte and Ndungu projects”, point out the analysts quoted by Lusa.
