Angola has secured three years of payment relief from Chinese creditors and expects to get more than $700 million in its next tranche of International Monetary Fund financing in the coming days, its finance minister said on Monday.
Angola has secured three years of payment relief from Chinese creditors and expects to get more than $700 million in its next tranche of International Monetary Fund financing in the coming days, its finance minister said on Monday.
Angola has secured three years of payment relief from Chinese creditors and expects to get more than $700 million in its next tranche of International Monetary Fund financing in the coming days, its finance minister said on Monday.
Angolaâs Back! Five Key 2020 Moves to Increase Oil and Gas Stakeholder Returns
Africa
December 10 2020
For a brief period in 2009, Angola was Africa’s largest oil producer with production reaching 2 million barrels per day. Current production is around 1.37 million barrels per day. This reduction is generally attributed to (i) naturally production profile declines in major plays, (ii) low oil price environment, (iii) disappointing drilling results, and most recently (iv) Covid-19 pandemic effects.
Angola desperately needs to diversity its oil-dependent economy by capitalizing on its other potential strengths such as mineral extraction and agriculture. Even a strong diversified economy, however, will need a solid oil and gas industry as its base for the foreseeable future.