Friday, February 5, 2010

Angola's Oil Wealth

Angola is sub-Saharan Africa's second largest oil producer behind Nigeria and offshore Angola is recognised as a world-class area for oil exploration and production.

Producing almost 2 million barrels of oil per day, Angola is the biggest supplier of oil to China and the sixth biggest to the United States. Oil accounts for about 90 percent of Angola's exports accounting for 40% of GDP and 80% of government revenues.
Oil was first discovered in Angola in 1955, but production did not really start to climb until the discovery of oil offshore Cabinda in the 1960s. Now, many of Angola's remaining offshore oil blocks are being auctioned to the world's superpowers who are in need of the oil supplies.
Have a look at the Economist Magazine's recently written article, "Oil, Glorious Oil", describing Angola's oil wealth here....

No comments: