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Thursday, February 27, 2014
Angola has set its sights once again on a 2 million bpd target. State-run Sonangol said it should achieve this target by 2015, despite the drop in production it saw over the past year.
At its results presentation Francisco de Lemos Maria, head of Sonangol said oil production had dropped by 3% year on year in 2013 due to technical problems at blocks operated by Total, BP, Chevron, and ExxonMobil.
Angola has already seen the 2 million bpd target achieved; in early 2010 the country was pumping at just over that amount for several months.
At the same meeting Anabela Fonseca, board member and director for international investments, announced that the company had decided to give up its exploration in Iraq due to security issues. The company was awarded stakes in two Iraqi blocks in 2008. Fonseca said that upon the receipt of a technical and financial audit it should be able to exit the country without reneging on its contractual obligations to Iraq.
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