Angola gets 60,000 barrels per day oil production bump
Sub-Saharan Africa's second-largest oil producer after Nigeria, Angola has overhauled its oil and gas regulations to attract energy companies and help stabilise oil production that has halved because of maturing fields since reaching a peak of around 2-million bpd in 2008.
Last year, President Joao Lourenco approved a law that offers new incentives to incrementally expand production in offshore blocks, after Angola decided to leave OPEC following a spat over crude output allocations.
Both the offshore CLOV Phase 3 development and the BEGONIA project will separately produce 30,000 bpd.
Located in Block 17, the CLOV 3 satellite project will be linked to an existing floating production storage and offloading (FPSO) vessel and will help Angola maintain its overall production above 1-million bpd, government and company officials said.
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