Middle East / Africa

Angola flag
Summary | Profile

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

21 May 24
Angola: TotalEnergies launches the Kaminho deepwater project
TotalEnergies, along with its Block 20/11 partners, Petronas and Sonangol, has announced the Final Investment Decision (FID) of the Kaminho project to develop the Cameia and Golfinho fields, located 100 km off the coast of Angola. The Kaminho project is the first large deepwater development in the Kwanza basin.
17 May 24
Angola: Saipem awarded offshore contract by Azule Energy for Ndungu Field Project in Angola for a total amount of around 850 million USD
Saipem has been awarded a new offshore contract by Azule Energy Angola, subsidiary of Azule Energy Holding, an incorporated joint venture between Eni and bp, for the development of the Ndungu Field as part of Agogo Integrated West Hub Project, located approx. 180 km off the coast of Angola. The value of the contract is around 850 million USD.
03 May 24
Yinson Production completes USD 1.3 billion debt financing for the Agogo FPSO
Yinson Production has announced the successful closing of the limited recourse term loan facility of up to USD 1.3 billion for the pre- and post-delivery financing of the Agogo FPSO. Once construction is completed, the Agogo FPSO will be deployed to the Agogo Integrated West Hub Development Project located in the West Hub of Block 15/06 offshore Angola.
25 Apr 24
Angola: Afentra receives government approval of Azule acquisition
Afentra, the upstream oil and gas company focused on acquiring production and development assets in Africa, has received approval from the Government of Angola for the previously announced acquisition of a 12% non-operating interest in Block 3/05 and a 16% non-operating interest in Block 3/05A from Azule Energy Angola Production.
15 Apr 24
Angola: Corcel announces update on Tobias field reactivation activities in Block KON-11 in the Kwanza Basin, onshore Angola
AIM-listed Corcel, the Angolan focused exploration and production company, has announced an update on Tobias field reactivation activities in Block KON-11 in the Kwanza Basin, onshore Angola, where the Company has a 20% working interest (18% net). The Operator is Sonangol.

Angola - more news

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