Petroleum Africa
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Tuesday, October 7, 2014
Angola planned to increase oil output to 2 million barrels a day by 2015, but the Finance Minister Armando Manuel announced that initial timeframe would be delayed until 2017. Manuel said that oil prices will go from $88 to $92 a barrel in next year’s budget. In addition, Angola’s LNG will remain shut-in for the foreseeable future while undergoing major reconstruction.
“Although we face a slowdown in prices, the new fields may offset the current stream of the oil sector and ensure that growth doesn’t get affected,” Manuel told Bloomberg. “I expect prices to maintain a suitable level that don’t expose the country to a deeper vulnerability.”
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