Texas The Mecca For Energy
Source: U.S. Energy Information Administration, Angola Country Analysis Brief & Short-Term Energy Outlook Table 3c: OPEC Crude Oil Production.Download CSV Data [Note: Presumably, crude oil production excluding condensates for the reason that mid-2000s — D.R.]
Angola has emerged as Africa’s second largest oil producer [after Nigeria, and please see remarks below — D.R.]; its oil production has grown 147% since 2000. Angola is the eighth largest supplier of crude oil to the United States [please see remarks below — D.R.] and the second largest crude supplier to China, in line with data for January through July 2011. Angola remains to be rebuilding from a 27-year civil war that ended in 2002. Security issues remain, especially within the disputed oil-rich Cabinda exclave. Border disputes have halted some oil developments.
A member of the Organization of the Petroleum Exporting Countries (OPEC), Angola has production targets ranging from 1.52 to 1.66 million barrels per day (bbl/d); however, the country is currently increasing its oil production and capacity. In 2010, Angola produced about 1.85 million bbl/d of crude oil [excluding condensates — D.R.] and, given very low levels of domestic consumption, exported all but 50 thousand bbl/d.
Oil is crucial to the Angolan economy, accounting for over 95% of export revenues and over 75% of government revenue. In 2010, Angola exported almost 1.8 million bbl/d of crude oil; nearly all of crude oil exports went to China (45%) and the United States (23%), representing 17% and 4% of those countries’ total crude oil imports, respectively.
Production in 2011 is down, averaging 1.65 million bbl/d, as a result of temporary technical problems. Industry analysts expect brent crude oil price financial times Angolan production to grow beyond 1.85 million bbl/d by the top of 2011, and maybe reach 2.5 to three million bbl/d of capacity by 2016, based on planned project startups.
International oil companies, including Chevron, ExxonMobil, Total, Eni, and BP, play a serious role in Angola, operating most production. The Angolan government recently held a licensing round for a pre-selected group of private companies to explore and produce within the country’s pre-salt offshore areas—an area believed to be of similar geological makeup to the Brazilian pre-salt.
China is a significant investor in Angola and has provided several multi-billion dollar oil-backed loans to fund infrastructure development. The China Petroleum & Chemical Corporation (Sinopec) and China National Offshore Oil Corporation (CNOOC) are among the many national oil companies working in Angola. Angola is now the second largest supplier of oil to China, behind Saudi Arabia.
In keeping with EIA’s recently released Angola Country Analysis Brief, Angola had 10.9 trillion cubic feet (Tcf) of natural gas reserves in 2011, up from an estimated 2 Tcf in 2007. Natural gas production in Angola is tied directly to oil production and is often vented or flared, with limited volumes consumed domestically. An Angolan liquefied natural gas (LNG) terminal, as a result of commence operation in 2012, will allow Angola brent crude oil price financial times to export its natural gas and reduce flaring. [Full story]
(Please see Aaron and David Rachovich, “Africa’s Top 8 Oil Producers, 2006-2010 — EIA.” Angola was in 2009-2010/full year the seventh largest supplier of crude oil to the United States—please see our post “U.S. Crude Oil Imports from Top 15 Countries …