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Nigeria: Angola to Invest 100 Billion Dollars in Oil Production
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Leadership (Abuja)
5 July 2008
Posted to the web 7 July 2008
Isaac Aimurie
Abuja
Nigeria's leading role in oil production in Africa faces keen competition from Angola, with the country's plan to invest 100 billion dollars over five years in its oil sector.
Angola, which is rivalling Nigeria as Africa's major oil producer, says it plans to increase production by 100, 000 barrels a day before the end of the year as well as invest massively in exploration and production.
"Production is actually 1.9 million barrels per day and it will reach 2.0 million barrels by the end of the year," Angolan Oil minister Desiderio Costa said at the World Petroleum Congress in Madrid. The president of the Sonangol national oil company, Manuel Vincente, said the country's production plan and reserves would allow it "to maintain this production (20 million bpd) rhythm for four or five years."
It also planned to "invest 100 billion dollars over five years" in oil exploration and production, he said. "Production levels have begun to take off since the start of this century," due in part to new deep-water production sites, Vincent said in a statement read to industry professionals by his spokesman. Opec figures show Angola pumped 1.87 million barrels per day in April, against 1.81 barrels in Nigeria, to become Africa's top producer for the first time. As a sign of its growing importance, the South-East African country was this year attributed a production quota by Opec, which it joined in January, 2007. "Angola will continue to support efforts for price stabilisation, " while "balancing its commitment" to Opec, said Costa.
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