The consultancy Oxford Economics Africa predicts that oil production in Angola will rise 4.4% this year, to 1.18 million barrels a day, after having grown 3.8% from January to August.
“Oil production in Angola continues to improve this year, in line with our projection; production grew 3.8% to 1.17 million barrels per day from January to August, compared to the same period last year, and the 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 consultant also underlines that oil revenues, which are currently 40% more expensive than at the same time last year, have risen by more than 72% in the first eight months of this year compared to the same period last year and foresees new projects 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.
