26 February 2008
Luanda — Angola is since last week producing 1.9 million barrels of crude oil per day, thus moving from the previous 1.7 million until the end of 2007. Still, estimates indicate that by the end of this year the production should reach 2 million barrels a day.
The information was given on Monday, in Luanda, by the C.E.O of the public oil company Angolan National Fuel Society (Sonangol), Manuel Vicente, during a press conference in the ambit of Sonangol's 32 anniversary (created on 25 Feb. 1976).
Manuel Vicente revealed that this production increase has brought about a progressive growth of the company's workforce, which currently is amounted at 8,240 workers.
Making a balance of the activities carried out in 2007, he highlighted that Sonangol has held a business volume of about USD 11 million, adding that these are still preliminary data.
In terms of achievements in 2007, Manuel Vicente mentioned the effective transfer to Sonangol's control of the Luanda Refinery, although it does not hold all the shares of the refinery.
As regards the internationalisation of Sonangol, the C.E.O explained that the firm's activity will not be restricted to Portugal, considering the current dynamic in the prices of crude oil barrels in the international market, therefore the company will try to enter any market that is feasible, searching to diversify the activities of the firm.
For this year, he explained that the company will keep as priority the improvement of the supply of fuel and its by-products, besides working to ensure that there is quantity and quality supply to the whole country.
"We are improving the supply sector, increasing the capacity of distribution and storing of our products, in an action with the government, aiming at, in a near future, opening the market in these areas and allow other actors, different from the state, to act in this domain", he explained.
Angola's oil production in 2007- the second biggest producer in Sub-Saharan Africa- represented 90 per cent of the country's exports, 50% of its Gross Domestic Product (GDP) and 80% of its tax revenues.
Sonangol is the sole manager of the country's exploration of hydrocarbons.
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