Studies carried out by the consultancy Fitch Solutions say that oil production in Angola will fall 41% by 2028

Studies carried out by Fitch Solutions say that oil production in Angola will fall by 41% by the year 2028. In practice, this means 550 barrels a day. As far as the studies carried out by the consultancy are concerned, the work will have to be redoubled in oil exploration in the country.

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Compared to 2019, there is such a difference in the numbers produced: the country's average production was 1,3 million barrels per day. Still, the Angola is the second largest oil producer on the African continent.

However, through the same study, the decline in oil production is not a fact only in the country, but in the entire region. Analysts say “Substantial new investment is needed to offset the predicted rates of decline for the region”.

According to MIREMPET (National Directorate of Markets and Marketing Promotion of the Ministry of Mineral Resources and Petroleum), last year Angola exported around 470 million barrels of oil, at an average price of US$65,2.

The annual value (2019) divided by 365 days gives an average of 1,312 million barrels per day. Given continuity, in the year 2028 Angola would produce around 278 million barrels annually, which, maintaining the price, would represent 18,1 million dollars. The representation in practice of such an account, results in a drop of 41%, compared to 31,2 million dollars exported.

The experts who wrote the report also say that “Globally, the oil and gas sector has been struggling with the consequences of reduced demand, excess production and the prospect of low prices, among other factors”. They also claim that the market benchmark oil companies are focused on cost containment rather than launching new investments, despite discoveries in the region.