Angola Sets 1.2mbpd Medium-term Targets

 Angola Sets 1.2mbpd Medium-term Targets

Angola has set a production target of 1.2 million barrels per day (mbpd) of crude oil, against the current 1.15 mbpd, the country’s regulatory agency, National Agency of Petroleum, Gas and Biofuels (ANPG) has declared.

Ana Miala, director of production of the ANPG, said the country currently has the capacity to produce 1.18 mbpd, which is 30,000 barrels of oil per day higher than what it is currently averaging. The target is to reach and stay around 1.2 mbpd in the medium term.

According to Miala, the executive’s objective is to continue producing above 1,100 thousand barrels of oil per day.

“We are not concerned with production growth, but with its stability. The goal is to continue producing above 1,100 million barrels until 2035 and the same production volumes until 2050.”

Miala is of the view that the ongoing bid round for new blocks will lead to conditions that will halt the country’s crude oil decline.

“ANPG is working to meet the target, set in 2019, that 55 blocks will be bid for by 2025 and this bidding represents a segment of this objective.

“It is right because without bidding for oil blocks, we will not be able to stop the decline in production and add value to the oil and gas industry, which at this stage needs more exploration in order to guarantee its continuity,” she added.

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