Middle East / Africa

Country profile: Angola

Location:

Southern Africa, bordering the South Atlantic Ocean, between Namibia and Democratic Republic of the Congo,0

Climate:

semiarid in south and along coast to Luanda; north has cool, dry season (May to October) and hot, rainy season (November to April)

Terrain:

narrow coastal plain rises abruptly to vast interior plateau

Size:

1246700 sq. km total (Land area: 1246700 sq. km )

Population:

12,531,357(July 2008 est.)

Languages:

Portuguese (official), Bantu and other African languages

Government:

republic; multiparty presidential regime

Capital city:

Luanda

Legal system:

based on Portuguese civil law system and customary law; modified to accommodate political pluralism and increased use of free markets; has not accepted compulsory ICJ jurisdiction

Currency:

kwanza (AOA)

Licensing:

Country profile

Angola is the third largest oil producer in Africa behind Nigeria and Libya and is expected to have significant oil production increases in the short-term as new offshore projects come online. On January 1, 2007, Angola became the 12th member of the Organization of Petroleum Exporting Countries (OPEC) and in December of that year, received an oil production quota of 1.9 million barrels per day (bbl/d) effective January 1, 2008. Angola is still rebuilding infrastructure destroyed during the country’s 27-year civil war that came to an end in 2002. Although the country is beginning to see growth and stability, challenges persist—around 70% of the population still lives on less than US$1/day; the World Bank ranks Angola as one of the most difficult places in the world to do business as a result of cronyism and bureaucracy; and there are persistent allegations of corruption and lack of transparency in public finance. In recent years, China has agreed to provide multi-billion dollar oil-backed loans to fund infrastructure development. These loans are costly and repayment depends heavily on international oil prices. But at the same time, Chinese support has placed Angola in a position where it could break ties with the International Monetary Fund (IMF) over economic support programs that require, among other things, governance and transparency. Nonetheless, the country is experiencing high levels of foreign direct investment (FDI), particularly in the oil sector.

Energy production and consumption

Oil

Gas

Production:

1 million bbl/day (2005 est.)

767 million cu m (2005 est.)

Consumption:

50,000 bbl/day (2005 est.)

767 million cu m (2005 est.)

Exports:

1 million bbl/day (2004)

(2005 est.)

Imports:

18,290 bbl/day (2004)

(2005)

Reserves:

25 billion bbl (2007 est.)

44 billion cu m (1 January 2006 est.)

Major fields:

Angola - recent news

01 Sep 26	Angola: Chariot increasing economic exposure to oil-producing assets offshore Angola AIM-listed Chariot, the Africa focused energy group, has announced that it is supporting Etu Energias, the leading Angolan private E&P company, in its acquisition of an additional 31% working interest in Block 14 and 15.5% interest in Block 14K, offshore Angola.
31 Aug 26	Angola: BW Energy signs framework agreement for strategic entry into Angola through interests in producing Block 14 and Block 14K BW Energy has signed a framework agreement with Etu Energias and Chariot Limited to support Etu’s 31% interest in Block 14 and 15.5% interest in Block 14K, two producing deepwater licences offshore Cabinda, Angola. Etu, Angola’s largest privately owned energy company, has signed a Sale and Purchase Agreement (SPA) with Chevron for the acquisition.
17 Aug 26	Angola: New discovery demonstrates the potential of Chevron's exploration program in Sub-Saharan Africa Chevron has confirmed an oil and gas condensate discovery at the 105-4X exploration well in Block 0, offshore Angola. The well, drilled in the prolific Lower Congo Basin, encountered an oil and gas condensate column of more than 600 meters (2,000 feet) in the primary Pinda reservoir, with more than 90 meters (300 feet) of net pay in excellent reservoir quality.
11 Aug 26	Angola: Afentra announces operational update - Successful Pacassa SW oil discovery, Impala-1 restart and Block 3/24 progress Afentra, an upstream oil and gas company focused on production and development assets in Africa, has provided an operational update on its offshore Angola portfolio, including the Pacassa SW drilling programme, Impala redevelopment programme and operated activities on Block 3/24
23 Jun 26	Angola: TechnipFMC awarded Flexible Pipe Contract for Azule’s Greater PAJ Project TechnipFMC has been awarded a significant contract to supply flexible flowlines and risers by Azule Energy for the Greater PAJ development offshore Angola. TechnipFMC will design and manufacture flexible flowlines and risers to connect wells in water depths approaching 2,000 meters to a new floating production unit.