- According to an analysis published today, Angola's crude oil production averaged 923,000 barrels per day in 2003, and is predicted to double by 2008. The Angolan oil sector already accounts for nearly half of the country's GDP, and is estimated to get an even more dominant role in the national economy.
These estimations were presented today in the latest Angola update of a US government agency, the Energy Information Administration (EIA). The principal reason for the continued strong growth of the Angolan oil sector is the newly found peace and stability after the 28-year civil war ended in 2002.
According to the EIA analysis, growth has already been tremendous. Angola's crude oil production has increased by nearly 600 percent since 1980 and the fastest growth has been registered the last two years. New investments in explorations offshore Angola will increase production to an expected 2 million barrels per day by 2008 - or about the current level of Nigeria, today's largest oil producer in sub-Saharan Africa.
The Angolan economy is highly dependent on its oil sector, which accounts for nearly half of the country's GDP and about 90 percent of the government's revenues and export earnings, according to EIA. "Angola's real GDP grew by 15.3 percent in 2002, due mainly to a sharp increase in oil production, and continued to grow at an estimated 4.4 percent annual rate during 2003," the study says.
The potential of growth is great as new deep-water production sites soon are expected to begin operating in earnest. The year 2003 saw the discovery of eight more commercial areas in four offshore exploration blocks, EIA reports. "The success in offshore discoveries in Angola has sparked interest in Angola's exploration blocks," the agency adds.
The EIA study however also reveals that more than half of Angola's oil production comes from the troubled Cabinda exclave, situated between Congo Kinshasa and Congo Brazzaville. The exclave, which according to EIA "accounts for nearly all of [Angola's] foreign exchange earnings," was said to face "a situation similar to the Niger Delta states in Nigeria."
Oil has dirtied beaches and damaged the local fishing industry in the impoverished province of Cabinda. Political tensions are high in some areas of Cabinda as separatist groups demand a greater share of oil revenue for the province's population.
The separatist groups often kidnap foreign nationals in an attempt to draw attention to their independence claims. The US agency has calculated that the Cabinda province receives only "about 10 percent of the taxes paid by ChevronTexaco and its partners operating offshore Cabinda."
This unbalance is not projected to stop within the next years. The large new deep-water production sites that are to boost Angolan oil production the coming years are mostly located offshore Cabinda. The "lucrative Block 0" (EIA) offshore Cabinda is still attracting explorations.
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