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Angolan oil output nears 1.8 mln barrels daily in 1Q
Release time:2015-05-15
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Oil output in Angola during the first quarter of 2015 reached approximately 1.76 million barrels per day, said a report from the country’s Oil Ministry quoted by Portuguese news agency Lusa.

Angola’s total oil production in the January to March period was 158.9 million barrels, added the document.

Lusa’s report did not provide any comparison with output during the first quarter of the previous year.

The Government of Angola forecasts oil output will rise by 10 percent in 2015, to average 1.84 million barrels per day, according to a revised 2015 budget passed by Parliament in March. The budget states the overall oil output is likely to reach 669.8 million barrels for full-year 2015.

Oil accounts for around half of Angola’s gross domestic product, 80 percent of tax revenues and 90 percent of export earnings, according to a report from Reuters news agency.

The Portuguese-speaking country is Africa’s second largest oil exporter. Several major international oil producers have operations in Angola, including China’s Sinopec.