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Angolan Independents Produce Less

Sharp volume drop for four homegrown companies at the end of last year..

By Fred Akanni

Angola’s private indigenous E&P companies produced far less volume of crude oil in the last quarter of 2013 than they did in any of the three earlier quarters.

Equity production credited to Somoil, Poliedro, Kotoil and ACREP, between October 1 and December 31,  2013, was 863,491.8 Barrels of oil, or 9,386BOPD, (average daily production) according to information available on the country’s Ministry of Finance website. These companies each has between 5% and 30% equity in five producing acreages: Block 2/05, 2/85, 3/05, 4/05 and FS/FST.

Two other Angolan companies, Falcon and Nazaki, are partners in Blocks 6/06, 9/09, 15/06, 17/06, 18/06, 21/09 and 33, all seven acreages that are yet to establish production.

Africa Oil+Gas Report started reporting oil output by Angola’s minnows in April 2013, with its Volume 14, No 13 edition themed The African Independent; The Homegrown Firm Emerges In The E&P Space.

In that edition, we computed the equity production of Angolan private E&P companies to be 1,024,464 Barrels of Oil, (or 11,383BOPD on average) between January 1 and March 31, 2013.

The highest production in the year for these companies was in the second quarter (April 1 to June 30, 2013) with 1,416,196.475 Barrels of oil (or daily production of 15, 562BOPD). The volumes dropped to 1,101488.625 Barrels of oil (11,972BOPD) in the third quarter(June to September 2013). The plunge had apparently continued until the end of the year.

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