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

 

Govt backs Recon’s Kavango oil hunt

13 hours ago | Energy

KENYA KAMBOWEKAWEDespite a number of objections against the planned oil and gas exploration at Kawe village in the Kavango East Region, the government has given...

Fuel prices remain unchanged for January

2 weeks ago - 06 January 2021 | Energy

NAMPA WINDHOEKThe ministry of mines and energy has announced that fuel pump prices will remain unchanged countrywide for January due to the...

Probe ordered into Namcor fuel deal

6 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

7 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

7 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

7 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

7 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

8 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

8 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

8 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...

Latest News

Nam has exhausted 75% of...

13 hours ago | Economics

PHILLEPUS UUSIKUAccording to the World Bank’s 2020 Doing Business Report, Namibia’s ranking has deteriorated significantly in the last decade, falling from 66th place in 2010...

New year, same old auction...

13 hours ago | Fishing

MATHIAS HAUFIKUWINDHOEKTroubled state-owned fishing company Fishcor hoped to have secured N$33 million in an auction of fishing quotas whose bids closed on Friday, in part...

Govt backs Recon’s Kavango oil...

13 hours ago | Energy

KENYA KAMBOWEKAWEDespite a number of objections against the planned oil and gas exploration at Kawe village in the Kavango East Region, the government has given...

I owe GIPF nothing –...

13 hours ago | Business

STAFF REPORTERWINDHOEKBusinessman Ranga Haikali on Friday said he owes no money to the Government Institutions Pension Fund (GIPF) from the fund’s ill-fated Development Capital Portfolio...

New Shell service station opened...

13 hours ago | Business

PHILLEPUS UUSIKUThe new Oshakati Shell opened its doors over the festive season to an expecting public. With refuelling and eating options, the new Shell facility’s...

SA’s Mr Price posted a...

13 hours ago | Business

South Africa's Mr Price on Friday posted a 5.8% rise in third-quarter retail sales, supported by Covid-19 relief packages and demand for household items as...

MTC records 2.66 percent increase...

13 hours ago | Business

Mobile Telecommunications Company (MTC) on Thursday announced a 2.66 percent increase in revenue from N$ 2.613 billion recorded in 2019 to N$ 2.683 billion in...

SA’s Mr Price posted a...

13 hours ago | Business

South Africa's Mr Price on Friday posted a 5.8% rise in third-quarter retail sales, supported by Covid-19 relief packages and demand for household items as...

Heavy rain, flooding expected this...

13 hours ago | Weather

ELLANIE SMITWINDHOEKThe weather bureau has warns that heavy rain with localised flooding is likely in the Omaheke Region tomorrow.This will spread to the central-northern areas,...

Load More