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Studies Conducted by Fitch Solutions Say That Oil Production in Angola Will Fall by 41% by 2028
Studies conducted by Fitch Solutions say that oil production in Angola will decrease by 41% by the year 2028. In practice, this means 550,000 barrels daily. Based on the studies conducted by the consultancy, efforts will need to be doubled in the country’s oil exploration.
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In comparison to the year 2019, a significant difference in the produced numbers is noted: the average production of the country was 1.3 million barrels per day. Still, Angola is the second-largest oil producer on the African continent.
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However, according to the same study, the decline in oil production is not only a fact in the country but throughout the region. Analysts say that “New substantial investments are needed to offset the expected decline rates for the region.”
According to MIREMPET (National Directorate of Markets and Promotion of Commercialization of the Ministry of Mineral Resources and Petroleum), Angola exported about 470 million barrels of oil last year, at an average price of $65.2.
The annual value (2019) divided by 365 days gives an average of 1.312 million barrels daily. If this continues, by the year 2028, Angola would produce approximately 278 million barrels annually, which, at the current price, would represent $18.1 million. The practical representation of such a figure results in a decrease of 41%, compared to the $31.2 million exported.
The experts who authored the report further state that “Globally, the oil and gas sector has been grappling with the consequences of reduced demand, overproduction, and a low price evolution outlook, among other factors.” They also affirm that major market oil companies are more focused on cost containment than on launching new investments, despite discoveries in the region.
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