• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 15 minutes WTI @ 67.50, charts show $62.50 next
  • 4 hours The EU Loses The Principles On Which It Was Built
  • 4 hours Starvation, horror in Venezuela
  • 20 mins Saudi Fund Wants to Take Tesla Private?
  • 13 hours Crude Price going to $62.50
  • 2 hours Why hydrogen economics does not work
  • 1 day Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 9 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 3 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 23 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 1 day Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day Monsanto hit by $289 Million for cancerous weedkiller
Alt Text

Russia Reverses Almost All Its Oil Production Cuts

Russia reversed almost all of…

Alt Text

Oil Prices Fall On Significant Crude Build

Oil prices fell on Wednesday…

Alt Text

EIA: U.S. Oil Production Growth Is Slowing

The EIA has revised down…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

Angola and Ghana: West Africa's New Gems

Sweet Angola’s Sweet, Light Crude

OPEC-member Angola is a leading producer of crude in Sub-Saharan Africa; more than one-third of all offshore oil discoveries in the region in the past three years have been in Angola. Onshore and shallow water pre-salt discoveries are currently being boosted both by new exploration results and by the government’s decision to open the playing field to the juniors with a new round of auctions.

Angola has proven reserves of 9.5 billion barrels of sweet, light crude oil, making it the second-largest in the region behind Nigeria. By the end of 2014, Angola hopes to be producing 2 million barrels per day thanks to offshore projects that will be coming online. For 2012, Angola’s production average is 1.7 million barrels per day, but that is rising fast. Angola will achieve, if not exceed, its goal.  Angola has 12 major deepwater projects onstream, exploiting 35 fields.

In 2011, the majors descended on the scene in full force, acquiring 11 deep-water subsalt blocks in the Kwanza Basin, including Italy’s Eni, Norway’s Statoil, Spain’s Repsol YPF, US ConocoPhillips, and France’s Total SA. BP Angola, ESSO Angola, Galp Energia, Denmark’s Maersk Oil, Petrobras, Chevron and Cobalt International Energy Inc. also participated in the bidding. The best block on offer in the Kwanza Basin (Block 20) went to Cobalt.

But these blocks were offered in a limited bidding round only. The…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





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