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Angola\\\'s oil output goals remain elusive

Monday, 5 May 2014



LUANDA, May 04 (AFP): Despite colossal investment, Angola's goal of pumping two million barrels of oil a day and even upstaging Nigeria as Africa's largest producer remains a pipedream.
To be sure, Angola's oil industry is going gang-busters. State-owned oil firm Sonangol recently announced an $8-billion investment programme and began to flog ten on-shore concessions.
Total is slated to invest $16 billion, while other global energy companies ENI, Statoil and ConocoPhillips also have plans to put more work boots on the ground.
This has led officials to predict, again, that the country will break the symbolic production level of two million barrels a day and that it could even get within striking distance of Nigeria's 2.5 million a day rate.