Angola's oil output to drop

Production is set to fall to 1.3 million barrels per day

02 June 2020 | Energy

Oil production in Angola will fall to 1.3 million barrels per day due to the cancellation or postponement of investments planned for this year, Banco de Fomento Angola said in a report last week.

From January to April this year, crude exports were stabilised at -0,2% when compared with the same period last year, the commercial bank said. The big difference, the report said, lies in the value of exports, which fell by half in the first few months of the year.

The average export price fell to 29.6 US dollars per barrel, or 55% less than in April 2019, because of the Covid-19 outbreak, it said. "With the decline in price, revenues fell by 53.5% when compared to the same period last year, to 1.32 billion US dollars," the report added.

Angola's foreign exchange revenue from the oil sector also dropped by around 27% in the first quarter of this year, the governor of the National Bank of Angola said last week. Jose de Lima Massano said the fall is consistent with the current situation of the world's oil market.

He noted that 95% of the country's foreign exchange revenue comes from the oil sector.

On the same day Angolan president Joao Lourenco called for increased domestic production to counter the impact of Covid-19 on the country's economy and the fight of unemployment.

The Angolan head of state, who was speaking at the meeting with representatives of the civil society, said the strategy aims to increase the level of employment and family income.

Lourenco also considered fundamental the concentration of knowledge and experience in accelerating the implementation of the national production, export diversification and import substitution programme, which aims, among other aspects, to boost the national economy.

The Angolan president stressed the need to work towards food self-sufficiency through the production of basic goods of greater consumption, adding that incentives should be given to businessmen and women who invest in local production.

"For them, let the remaining barriers be removed, so that they have priority to access credit and foreign exchange to import the machinery and raw materials they need," the president said.

NAMPA/XINHUA

Similar News

 

Probe ordered into Namcor fuel deal

3 months ago - 15 July 2020 | Energy

OGONE TLHAGE WINDHOEKPublic enterprises minister Leon Jooste has confirmed an instruction to the National Petroleum Corporation of Namibia (Namcor) board to investigate allegations that the...

Fuel prices expected to remain meek

4 months ago - 04 June 2020 | Energy

Phillepus Uusiku- The association between the Organisation of Petroleum Exporting Countries (OPEC) and independent oil producers such as Russia reached an agreement last month to...

Zambia denies expropriation

4 months ago - 04 June 2020 | Energy

Zambia's government said on Wednesday it had no intention of taking over Copperbelt Energy Corp (CEC), after the company accused the government of expropriating its...

Angola's oil output to drop

4 months ago - 02 June 2020 | Energy

Oil production in Angola will fall to 1.3 million barrels per day due to the cancellation or postponement of investments planned for this year, Banco...

NamPower to electrify 1 000 households

4 months ago - 29 May 2020 | Energy

ELLANIE SMIT WINDHOEK NamPower is set to electrify 1 000 households in Windhoek's peri-urban areas at a cost of N$15.5 million. This was announced yesterday...

Covid-19 delays oil exploration in Kavango

4 months ago - 22 May 2020 | Energy

KENYA KAMBOWE KAWE Reconnaissance Energy Africa (ReconAfrica), which has an interest in exploring oil and gas in the Kavango basin,...

Alweendo optimistic about renewable energy prospects

5 months ago - 19 May 2020 | Energy

NAMPAKHORIXASThe ministry of mines and energy is optimistic about the future of the renewable energy sector and the growing presence of international oil companies in...

Fuel retailers scramble to avoid losses

5 months ago - 11 May 2020 | Energy

JANA-MARI SMITH WINDHOEK A brief stock shortage of petrol and diesel last Wednesday at some fuel stations was due to savings measures...

Fuel price drop to bring some relief

5 months ago - 07 May 2020 | Energy

OGONE TLHAGE WINDHOEK With fuel prices dropping by a further N$1 a litre, economists differed on whether this will indeed have a...

17 hours of darkness for northern towns

6 months ago - 17 April 2020 | Energy

ILENI NANDJATOOKATOPEA broken crossarm on a power line left parts of the north without electricity for several hours this week.The 66kV line between Okatope and...

Latest News

PDK bags Song of The...

8 hours ago | Art and Entertainment

Windhoek • Michael Kayunde The Namibian Annual Music Awards (NAMAs) hosted another exciting edition of its premium live stream concerts on Saturday, 17 October.Featuring the...

Agribank disburses loans worth millions

20 hours ago | Banking

Agribank disbursed loans worth over N$246 million in the financial year ended 31 March 2020.At its virtual annual general meeting on Thursday, Agribank said more...

1nvest gold, platinum ETFs list...

20 hours ago | Economics

Staff Reporter - Specialist index tracking fund provider 1nvest, a collaboration between Standard Bank, Liberty and STANLIB, on Friday announced the listing of its gold...

RCC’s 254 workers still paid...

20 hours ago | Labour

OGONE TLHAGEWINDHOEKEmployees of the Roads Contractor Company (RCC) continue to be paid from the government’s contingency fund, with Cabinet yet to reach a decision about...

State withdraws GBV case over...

20 hours ago | Justice

KENYA KAMBOWERUNDUThe State has withdrawn charges of gender-based violence (GBV) against the Swapo councillor for Rundu Rural Constituency, Michael Shikongo, on the grounds that the...

Geingob ‘attack’ on whites condemned

20 hours ago | Politics

JEMIMA BEUKESWINDHOEKPresident Hage Geingob has been roundly condemned for equating white Namibians registering for next month’s election to an act of ‘war’.Officially opening Swapo’s campaign...

What I need to know...

20 hours ago | Business

A little place to call one’s own and to hopefully retire in is a goal many of us share. Whether your intention is to buy...

Criminalise long suspensions

20 hours ago | Opinion

Hundreds of government and public enterprise employees are currently on suspension with full pay.Some of them have been on suspension for as long as two...

Air Namibia creditor rejects settlement...

20 hours ago | Transport

OGONE TLHAGEWINDHOEKBelgian company Challenge Air SA has rejected a settlement offered by Air Namibia, citing mistrust in the airline’s ability to make good on its...

Load More