12 April 2014

Angola: Govt Invests in Oil Blocks Bid to Keep Balance in Production

Luanda — Angola is trying to keep the balance between the reserve and production of the crude through the bid for the oil blocks and the application of new exploration Technologies, as part of a development strategy in the segment of distribution and trading of the oil by-products.

This was said on Friday by the Oil Minister, José Maria Botelho de Vasconcelos, during a roundtable with the young cadres of the Ministry of Petroleum.

According to him, it is an activity that must be continued because currently the country produces in blocks and the production is reducing, thus considering necessary for its restitution.

The minister said that restitution is being carried out so as to increase the oil production of the country, having as target two million barrels a day.

The reserves must be reestablished so as to keep the constant level of this production, said the minister in the meeting held under the celebrations of 14 April, Angolan Youth Day.

Regarding the Liquefied Natural Gas project (LNG), the official said that fortunately Angola started to make use of this resource to increase the availability of the financial resources for Angola.

He said that the factory is not fully functioning yet, but it is a project that has been contributing to the exploitation of gas that in the past it used to be burnt to recover the oil from the wells that need an increase of pressure.

The oil production of Angola currently ranges to 1.6 million barrels a day.


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