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    Atlas Petroleum, partners advance Venus oil discovery offshore Equatorial Guinea

    DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

    DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

    Carbon+Intel - DNV and energy majors launch JIP to develop low-pressure CO2 transport by ships

    MicroSeismic wins second Department of Energy grant for carbon capture and storage services

    Sempra, ConocoPhillips partner to launch Port Arthur LNG Project in South Texas

    LR green lights Rotoboost's pre-combustion carbon capture system

    LR green lights Rotoboost’s pre-combustion carbon capture system

    German Energy Regulator Does Not Dwarf Tough Road Ahead

    German Energy Regulator Does Not Dwarf Tough Road Ahead

    North Sea Hydrogen Pipelines Have A Huge Potential- Study

    North Sea Hydrogen Pipelines Have A Huge Potential- Study

    Study States European Natural Gas Rates To Multiply By 2024

    Russian Tax Overhaul Looks To Offset Oil Firms Revenue Dip

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

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    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

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    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

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    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

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Angola hopes to turn around falling oil and gas output

Yuvraj_ong by Yuvraj_ong
February 27, 2015
in News, Production, Upstream
0

Angola plans to increase its oil production by 20 percent by next year after suffering a “very difficult” 2014 as costs soared, prices slumped and technical problems hit output, the state oil company Sonangol said.

Oil output from Africa’s second largest exporter and a supplier to China averaged 1.67 million barrels per day (bpd) last year, down 2.6 percent on 2013, Sonangol said in its annual results presentation.

Gas output fell 29 percent after its liquefied natural gas (LNG) plant was hit by mechanical problems, helping reduce Sonangol’s net income to $710 million last year, down 77 percent from 2013.

Sonangol plans to restart LNG exports by the end of this year and boost oil production to 2 million bpd by the first quarter of 2016, an ambitious plan in a year when it will slash $4 billion of costs due to lower oil and gas prices.

The OPEC-member has missed its oil production target of 2 million bpd for several years due to project delays and disappointing levels of investment as oil majors scaled back exploration projects due to the global economic downturn.

“2014 was a very difficult year,” Sonangol CEO Francisco de Lemos Maria told reporters in Luanda.

“We need to make corrections and to re-evaluate our entire implementation strategy,” he added.

Sonangol has secured the promise of a $2 billion loan from China to help with oil projects this year. Angola sends about half of its oil to China and Sonangol has a joint venture with Sinopec, China’s second biggest energy company.

Oil accounts for around half of Angola’s GDP, 80 percent of tax revenues and 90 percent of export earnings.

Beijing has issued several oil-backed loans to Angola dating back to 2003, a year after the African nation emerged from a 27-year civil war. Prior to this loan, China had lent Angola $14.5 billion since the war’s end.

Angola is seeking to borrow a total of $10 billion abroad this year, including issuing a debut $1.5 billion Eurobond and tapping the World Bank for $1 billion.

Parliament on Wednesday passed a revised 5.4 trillion kwanza ($51 billion) 2015 budget, cutting spending by 1.8 trillion kwanza from its original plans due to a drop in oil prices.

Angola’s kwanza has weakened more than 7 percent in the last five months as oil prices weakened and foreign exchange supplies tightened. The kwanza was trading 0.3 percent weaker at 106 to the dollar by 0955 GMT, close to record lows.

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