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Angola's onshore oil potential over 7 billion barrels: firm LUANDA: Angola has over seven billion barrels of oil potential in onshore blocks and production rights will soon go on sale, state-owed company Sonangol said Monday."The ten blocs that we will award have great potential, with on average 700 million barrels each," said Severino Cardoso, head of exploration at the firm."But that can increase with more exploration," he told a news conference after an information session with prospective investors.Earlier this month Sonangol announced ten new blocks -- its first major onshore reserves -- would be concessioned before the end of the year.The new wells would boost its current production of 1.7 million barrels a day and 12.6 billion barrels in proven reserves, according to the petroleum ministry."Several foreign companies have shown interest in these blocks," said Suzel Alves, the firm's director of negotiations, calling on local companies also to invest in the sector.State-owned Sonangol will still own the blocks -- ...

Iraq oil exports dip in 2013: official data BAGHDAD: Iraq's oil exports in 2013 declined compared with the previous year, new figures showed on Wednesday, despite the country's efforts to dramatically ramp up crude sales to fund much-needed reconstruction.Exports in December recovered from multi-month lows earlier in the year, but were still below their peak, with overall exports and revenues for the year lower than similar figures for 2012, according to oil ministry data compiled by AFP.Overall, Iraq exported 72.6 million barrels of ...
Algeria sets new oil bids for August, winning contracts in Sept ALGIERS: Algeria will open bidding from foreign energy firms interested in its new oil and gas round on August 6, and winning companies will sign contracts on Sept. 5, the energy ministry said.The negotiations will be the first bidding under a new oil law passed in January last year, with 31 fields on offer. OPEC member Algeria hopes it can help reverse declining output after previous bids failed to bring in foreign investors."The competition perimeters ...
Some grades supported by Angolan Plutonio outage  LONDON: Some grades of Angolan crude oil for March export were supported on Friday, with a key grade out for the month, but overall differentials remained under pressure due to slack demand. There will be no cargoes of Plutonio crude oil for March loading due to maintenance at the field according to traders, which should give support to grades like Cabinda and Saxi which have a similar API. However more broadly, traders saw little scope ...
Tullow says finds more oil in Kenya NAIROBI: Fresh oil finds were announced Wednesday in Kenya's arid and under-developed north, further raising the prospect of a potential major boost to the country's economy, Tullow Oil said.Tullow, a British-listed company focused on Africa, said it had raised its estimate of resources there to over 600 million barrels after new discoveries at two onshore wells in northern Kenya."Exploration results to date... have proven that Tullow's onshore acreage in northern Kenya has the potential to ...
Kuwait says oil market balance takes precedence over price issue KUWAIT: Balance in global oil markets takes precedence over the crude price, Kuwait's new oil minister said on Sunday. Asked whether 100 dollars a barrel was a good price for oil, Ali al-Omair told reporters at a reception: "The issue of balance comes before the issue of price." Omair, who was appointed last week, said OPEC member Kuwait targets 3.5 million barrels per day capacity by 2015. Copyright Reuters, 2014 ...
West Africa Crude-Differentials pressured LONDON: West African crude oil differentials stayed under pressure on Monday, with sales slow as buyers awaited lower offers before picking up the ample supply available for February loading. Highlighting fading demand from the biggest customers of West African crude oil, exports to Asia will fall to around 1.86 million barrels per day from 2.16 million bpd in December, a Reuters survey showed on Monday. Traders said that signs of increasing exports from Libya ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln