Angola is set to produce 2.1 to 2.2 million barrels of crude oil per day by 2016, a report by Moody’s Investors Service said.
In 2013, Angola’s total oil production averaged 1.73 million barrels per day.
Moody’s cited deepwater projects in the Lower Congo Basin set to come on stream soon and the government’s plan to offer deep and ultradeep water blocks to international companies as driving forces behind the spike in production.
Moody’s also expects French supermajor Total’s $16 billion offshore project in the Lower Congo Basin to help boost production numbers.
Output at Total’s site is expected to be 230,000 bpd.
Total’s project, called Kaombo, is an ultradeepwater site. Total is the operator of the site and holds a 30 percent stake.
Moody’s said Total’s project supports Angola’s plan to ramp up production and is a “positive assessment of Angola’s long-term offshore prospects, considering the relatively high cost of deep-sea oil exploration globally.”
An additional 300,000 bpd from other developments over the next 18 months will also strengthen production output.
The largest of these projects cited in the report is Houston-based Cobalt International Energy’s Orca-1 strike on Block 20.
Cobalt estimates that the Orca-1 well has a resource potential of 400-700 million billion barrels.
According to the US Energy Information Association, Angola is the second largest oil producer in Sub-Saharan Africa.
In 2007, Angola became a member of the Organization of the Petroleum Exporting Countries (OPEC).