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The launch of the first oil platform in Angola will take place next June amidst reports that country’s oil exports have picked up during the trajectory – end 2021 and beginning 2022
The launch of the first oil platform in Angola will take place next June amidst reports that the country’s oil exports have picked up during the trajectory – end 2021 and beginning 2022.
The platform named as “Lifua A” has been under construction in the Malongo camp in Cabinda. It will be installed in a few weeks’ time. The platform supported by Chevron through its local subsidiary Cabinda Gulf Oil Company Limited (CABGOC), has entailed a cost of US$ 60 million.
While giving this information, Angolan President Joao Lourenço said that the platform would be a game changer and would help the country to enhance its oil production.
Last February, while presenting the results of the sector, a senior government functionary confirmed the recovery of the country’s oil sector after hitting the lowest ebb in 2020. The country has exported US$ 27.87 billion dollars of crude oil since 2021. This is an increase of 51.4% year on a year- on- year- basis. A total of 394.22 million barrels of crude oil were shipped across geographies. China is the country’s largest oil buyer, accounting for 71.51% of the exports. Another 7% of oil exports is to India. The new project being implemented by the country is expected to create 300 direct jobs. The project is likely to start pumping oil by 2023.
Read Also; https://trendsnafrica.com/angola-to-refocus-on-the-countrys-mining-sector/
https://trendsnafrica.com/angola-steps-up-effort-to-attract-investments-from-eu/
