[2019-06-03] Angola seeks to contain decline in oil production

Source: Macauhub

Angola’s National Oil, Gas and Biofuels Agency (ANPG) has drawn up a strategic plan with short-, medium- and long-term actions to try to contain the decline in oil production, its president said in Luanda.

Paulino Jerónimo, who was speaking at the 2nd Edition of the Business Forum of the America-Angola Chamber of Commerce (Amcham), said that current production is around 1.4 million barrels a day and added that unplanned stops in oil exploration represent an estimated loss of between 10% and 15%.

The president of the ANPG, who spoke on “The challenges and opportunities of the oil industry,” gave the example that on 23 May, Angola produced 1.415 million barrels, and there was a potential loss of 169,000 barrels due to unplanned stoppages.

The ANPG plan, according to the Angop news agency, focuses on exploring blocks that are already at the end of their lives, with operators being encouraged to carry out more seismic analyses to identify untapped pockets, whose oil will be extracted with new wells.

“We expect this operation to slightly reduce the decline in production,” said the ANPG president, who said that oil company ESSO was already involved in this activity after Sonangol started the process.