2016: Angola maintains lead over Nigeria on oil output in Africa

ABUJA— Angola has been ranked leading oil producer in Africa for 2016, having surpassed Nigeria by reaching a daily average of 1.7 million barrels, reports, said. The figure exceeds the previous record of 1.5 million barrels a day. It will be recalled that pumping has increased by 8,800 barrels more per day against June report, when the country surpassed Nigeria for the first time, with its steady rise against declines recorded by Nigeria for most part of this year. Nigeria’s production has been critically affected by bombings and attacks of facilities by militants in the Niger Delta. Angola’s production represents 90 percent of exports, 50 percent of gross domestic product and 80 percent of its tax revenues, according to the Angola Press Agency. However, on average, Luanda obtained $45.93 for each barrel exported this year, compared to $100 earned in 2014. Meanwhile, the Angolan National Fuel Company (Sonangol) has begun a process of reforms that include bringing down the production cost of one barrel of crude oil to 12 dollars, almost half of the current price. Sonangol’s revenues are still lower than in 2013, the year before the economic crisis. In 2014, revenues reached $26,657 billion and in 2015 decreased to $16,212 billion. Estimation for the budget of 2017 is $46 a barrel and an annual production of 664.68 billion barrels of crude, or 1.84 million barrels daily. Early December, the Nigeria Bureau of Statistics, NBS, explained that Nigeria’s oil production averaged 1.63 million barrels per day (mbpd), lower than the level in second quarter of 2016. Oil production was also lower relative to the corresponding quarter in 2015 by 0.54 mbpd when output was recorded at 2.17 mbpd. Nigeria’s oil production had risen to 1.9 million b/d, in October according to the Ministry of Petroleum Resources.