Angola: Irregularity of Bids Causes Decline in Crude Oil Production

Luanda — The irregularities in new block bids and excess of bureaucracy are behind the decline in oil production in Angola said Wednesday the Minister of Mineral Resources and Oil, Diamantino de Azevedo.

Diamantino de Azevedo, who presented the final results of the interministerial working group created by Presidential Order 307/17 of 21 December to update the readjustment model for the oil sector, stated that production for the current year is estimated at 1.5 million barrels of oil per day, compared to the 1.9 million barrels recorded in 2008.

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