27 February 2013

Angola Produces Over 1.7 Million Barrels of Crude-Oil Per Day

Zaire — The production of crude-oil in Angola is currently superior to 1.7 million barrels per day and it is expected to reach 2 million barrels in 2014 or 2015.

The information was given last Tuesday in Soyo City, northern Zaire Province, by the Oil minister, Botelho de Vasconcelos, when speaking at a conference on "The impact of oil production activity on the country's development process and well-being of the citizens", in the framework of the 11th edition of the National Holiday Camp of University Students.

According to the government official, until November 1975, the Angolan crude-oil production was limited to some onshore exploration concessions, with an extraction of about 175.000 barrels per day.

In his intervention, the Oil minister explained that currently just the offshore exploration is divided in 51 blocks for concession, 31 of which are being explored already and 20 are still to be tendered.

He reminded that oil production is still the pillar of the country's economy, the greatest source of income for the State's General Budget.

As example he explained that in 2012 the participation of the oil sector in the Gross Domestic Product (GDP) was of 43 per cent and the exports of crude-oil represented around 98 per cent of the total exports of the country and 75 per cent of the fiscal income.

The minister also emphasised that the oil production activity stimulates the diversification of the economy and helps to empower other areas.

In view of this, he explained, in sequence of instruction given by the Angolan Head of State, the oil sector intervenes in the areas of housing, energy, water, education, health, agriculture and employment, thus contributing to the programmes of fight against poverty and boosting the country's development.

On the occasion, the first national secretary of the ruling party's youth wing (JMPLA), Sérgio Luther Rescova Joaquim, said that this conference happens as a result of the materialisation of guidelines given by President José Eduardo dos Santos, which place emphasis on the need to hold a permanent dialogue with the youth.

"The oil sector has a great importance for this province in particular and the country in general. This conference enables us to know the reality of Angola better", defended the JMPLA official.

The National Holiday Camp of University Students (Canfeu) is organised every year by the National Secretariat of the JMPLA. This year's edition will take place from 25 February to 02 March under the motto "Angolan Youth, for an Angola of progress and well-being".

Copyright © 2013 Angola Press Agency. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.