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Angola sticks to oil target despite output drop last year
February 25, 2014 / 3:18 PM / in 4 years

Angola sticks to oil target despite output drop last year

LUANDA, Feb 25 (Reuters) - Angola can reach its production goal of 2 million barrels of oil per day in 2015 despite a drop in output last year, the chief executive of state oil firm Sonangol said on Tuesday.

Francisco Lemos Jose Maria told a news conference that output in Angola, Africa’s second largest oil producer, dropped 1.1 percent in 2013 due to technical problems at blocks run by France’s Total, BP, and U.S. firms Chevron and Exxon Mobil.

He added, however, that new projects operated by Total and ENI due to come on line this year will help Angola reach its goal, with demand from top buyer China expected to remain strong.

Production averaged 1.72 million barrels per day in 2013.

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