Angola has enough oil reserves for 50 years of exploration

Luanda, Angola, 10 Jan – The lifetime of Angola’s oil reserves, which had previously been estimated at 20 years, has been increased to 50 years following the start of exploration of the pre-salt layer, according to a projection from oil company BP cited by Angolan weekly newspaper Expansão.

In December 2011, Sonangol, as the national concessionaire, signed contracts with oil companies for exploration of the pre-salt layer in 11 blocks and, although the existence of oil has yet to be confirmed in most of the blocks, there have already been satisfactory results in the Kwanza basin.

BP is optimistic about future prospects for oil exploration in Angola and the chief executive of BP, Bob Dudley, said he was convinced that, “the pre-salt layer in the Benguela and Kwanza basins have the potential to increase the lifetime of the oil industry in Angola to half a century.”

BP was awarded for contracts for exploration of pre-salt layer blocks, in two of which in the role of operator and stakes of 50 percent.

In 2010 Angola produced an average of 1.9 million barrels of oil per day, but problems at several blocks in 2011 led production last year to fall to an average of 1.65 million to 1.7 million barrels of oil per day. (macauhub)

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