World Bank - Angolan Oil Production Will Peak In 2011

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ANGOLAN oil production is set to peak in 2011 at 2,6-million barrels a day, and begin to decline from 2012, according to the World Bank. “According to our estimates, in the absence of new discoveries, production is expected to start declining from 2012 onwards,” World Bank economist Francisco Carneiro said yesterday.


Production, buoyed by the end of a 27-year civil war in 2002 and heavy foreign investment from oil groups such as ExxonMobil and Chevron, has risen more than 10% to 1,4-million barrels since last year. Next year, production is expected to hit 2-million barrels.

The World Bank warned in a report issued this month that Angola risked the “resource curse” if it did not manage oil revenue better to fuel economic growth.

Already sub-Saharan Africa’s second-largest oil producer after Nigeria, Angola is also one of the world’s fastest-growing economies, projected to grow 31,4% next year, according to the International Monetary Fund (IMF).

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http://www.businessday.co.za/articles/world.aspx?ID=BD4A340652