Sign In or Register | Thursday, March 30, 2017
AfricaTeam,   12/27/2016 10:25:11 AM Add AfricaTeam as a Friend | Send Message
Africa See Profile
Angola
Angola Closes 2016 Leading Oil Production in Africa

Luanda, Dec 27 (Prensa Latina) Angola will close 2016 as the lead oil producer in Africa, having surpassed Nigeria by reaching a daily average of 1.7 million barrels.

The figure exceeds the previous record of 1.5 million barrels a day, according to today's media reports.

Pumping has increased by 8,800 barrels more per day compared with June, when the country surpassed Nigeria for the first time. Nigeria's production has been affected by attacks from anti-government militias.

Angola's production represents 90 percent of exports, 50 percent of gross domestic product and 80 percent of its tax revenues, according to the Angola Press Agency.

 

However, on average, Luanda obtained $45.93 for each barrel exported this year, compared to $100 earned in 2014.

To counteract this situation, the Angolan National Fuel Company (Sonangol) has begun a process of reforms that include bringing down the production cost of one barrel of crude oil to 12 dollars, almost half of the current price.

Sonangol's revenues are still lower than in 2013, the year before the economic crisis.

In 2014, revenues reached 26,657 billion dollars and in 2015 decreased to 16,212 billion.

Estimation for the budget of 2017 are 46 dollars a barrel and an annual production of 664.68 billion barrels of crude, or 1.84 million barrels daily.

 

 

Prensa Latina

Tags:Angola Closes 2016 Leading Oil Production in Africa
Bookmark and Share Email Email to Friends Print Print
0
Comments(0)
Please Sign In  or Register  to post a comment.
UserName:
Password:

 
Most Popular



Push
Post a New Story from your Account, then Vote for it Here by clicking Push
Latest Forums
Latest Polls
Links
Tags
    Nigeria    Kenya    
South Africa    Ghana    
Egypt    Ethiopia    Zimbabwe    Uganda    Tanzania    
Africa    Kenya a Hot bed of Investments    Test    Pope Francis On Safari In Kenya    Malawi    Sudan    The 2nd Pan-African Cultural Festival Photos    Tunisia    2010 World Cup Draw: Which Country Has the Hottest Fans?    DRC Congo    
Site Map | Help | Send Feedback | Contact us | User Agreement | Privacy | About us | Advertise
Copyright © 2016-2017 Africa Updates Inc. All rights reserved