• 3 days Nuclear Bomb = Nuclear War: Saudi Arabia Will Develop Nuclear Bomb If Iran Does
  • 2 days Statoil Changes Name
  • 3 days Tillerson just sacked ... how will market react?
  • 2 days Russian hackers targeted American energy grid
  • 2 days Is $71 As Good As It Gets For Oil Bulls This Year?
  • 3 days Petrobras Narrows 2017 Loss, Net Debt Falls Below $85bn
  • 3 days Proton battery-alternative for lithium?
  • 3 days Ford Recalls 1.38 Million Vehicles (North America) For Loose Steering Wheel Bolt
  • 2 days Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!
  • 2 days Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 3 days I vote for Exxon
  • 2 days HAPPY RIG COUNT DAY!!
  • 3 days UK vs. Russia - Britain Expels 23 Russian Diplomats Over Chemical Attack On Ex-Spy.
  • 3 days Why is gold soooo boring?
  • 3 days South Korea Would Suspend Five Coal - Fire Power Plants.
  • 2 days Spotify to file $1 billion IPO
Alt Text

Chinese Oil Production Hits Record Low

China is becoming increasingly dependent…

Alt Text

Saudi Arabia Plans Its Own Shale Revolution

Saudi Aramco is looking to…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Angola Boasts 16-Month High In Oil Revenues

Angola offshore

Angola reported US$950 million in crude oil export revenues for January, the highest in 16 months, data from the country’s Finance Ministry showed. Africa’s top producer exported some 52.25 million barrels last month, which is around 3.3 million bpd more than in December, benefiting from higher demand from India.

Asia’s new powerhouse is strongly dependent on oil imports, and it has made up for lower production in Nigeria by switching to Angola. According to the government data, exports to India went up 5 times in January from December.

Exports to China also rose: as Oilprice reported earlier, citing Chinese customs data, Angola’s exports to China soared 63.5 percent to 1.17 million bpd, winning it second place, after Saudi Arabia and ahead of Russia.

Angola, an OPEC member, committed to reduce its crude oil output by 78,000 bpd in support of efforts to prop up international prices. This means that its average daily output should decline to 1.67 million bpd.

However, earlier this month, media reported that Italy’s Eni had just launched a new offshore project in Angola, eyeing record production. The project, East Hub, could yield some 80,000 barrels of crude daily, bringing the total from its offshore assets in Angola to 150,000 bpd. Related: Wind Energy Boom Hits The U.S.

The West African country has been struggling to maintain economic growth amid the oil price crash. Last year, it registered no GDP growth, but this year growth is seen at 1.5 percent, with inflation continuing to rise.

Pressed for more oil revenues, the government is negotiating a tax reform with Chevron, according to which the current tax climate in the country is “not very attractive.” The negotiations will be tough because taxes are a big part of state oil revenues. At the same time, without a tax incentive, Chevron and its likes will not be as motivated to invest in the country.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Back to homepage

Trending Discussions

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News