State-owned Sociedade Nacional de Combustiveis de Angola (Sonangol) oversees offshore and onshore oil operations in Angola
Major Oil Fields (production bbl/d) (1998E)
Takula-Block Zero (135,158 bbl/d), Numbi-Block Zero (66,713 bbl/d), Kokongo-Block Zero (37,330 bbl/d), Pacassa-Block 3 (70,577 bbl/d), Cobo/Pambi- Block 3 (51,304 bbl/d)
Major Refineries (1/1/00 Capacity)
Fina Petroleos De Angola – Luanda (39,000 bbl/d)
Major Oil Terminals
Luanda, Malango (Cabinda), Palanca, Quinfuquena
The Engine of Angola’s Economy
Producing more then 800,000 barrels per day, Angola is the second largest oil producer in sub-Saharan Africa. Oil accounts for 90 percent of total exports, more than 80 percent of government revenues and 42 percent of the country’s GDP. Oil output is expected to reach one million barrels per day by the year 2000. Since 1996 gigantic new discoveries are made and the country’s known recoverable reserves are currently estimated to total more than 7.7 billion barrels, but continuing exploration finds new reserves at the same rate oil companies deplete old ones.
Approximately 15 foreign companies including Chevron, Texaco, Exxon and Occidental, have invested more than $8 billion in Angola. Oil companies are attracted by Angola’s low operating costs, favourable geology and good business terms. US firms continue to invest more money in Angola.
Chevron, which has been operating in Angola for over 40 years, announced it has discovered four new offshore fields with 300 million barrels of recoverable oil. Between 1994 and 1998, Chevron had put forward a plant to develop deep-water oil field off Angola for more than 25 years and will invest $600 million to develop new fields. Halliburton was recently awarded a $20 million contract to develop oil services in Cabinda province which will benefit all oil companies operating there.