New Market Report Now Available: Angola Oil & Gas Report Q3 2014
Fast Market Research recommends "Angola Oil & Gas Report Q3 2014" from Business Monitor International, now available
[UKPRwire, Wed May 28 2014] The outlook for Angola's oil and gas sector is positive. Although technical challenges led to production issues in 2013, we expect the start of major upstream projects such as Total's CLOV to boost push output higher by end-2014. Over the next decade, planned projects and the tie-back of additional discoveries to existing infrastructure will support strong growth in output over the course of our forecast period. However, we see risks that technical setbacks, industry wide pressure to cut costs, and potential regulatory issues could result in delays to anticipated volumes. An upcoming offshore licensing round and progress on resuming normal operations at the Angola LNG underscore the opportunities in the sector.
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* The main trends and developments we highlight for Angola's oil and gas sector are as follows: Initial estimates from the US Energy Information Agency (EIA) put crude production at 1.72mn barrels per day (b/d) for 2013. The Angolan government has conservatively forecast that production will reach 1.8mn b/d in 2014, but has previously said that output will rise to 2mn b/d by 2015. Our own figures are broadly in line with official projections. We forecast Crude Oil, NGL and Other Liquids Production to reach 1.88mn b/d in 2014, rising to 1.97mn b/d in 2015.
* Our optimistic outlook is based an assumption that production will continue to recover from setbacks witnessed in 2013, such as a force majeure from BP's Saturno crude stream, and that major new volumes will begin to deliver first oil. Several major upstream projects are also likely to received final investment decisions, which alongside a robust exploration schedule, should make 2014 a strong year for the Angolan oil sector.
* One key risk to this view over the medium term is industry wide pressure to rein in spending. Major players in the Angolan oil sector, including BP and Statoil, have yielded to global cost pressures and committed to tighter budgets. This could result in delays to projects set for a final investment decision (FID) in 2014 and 2015, or may result in changes to the current design of projects in order to reduce development costs. The investment decision on projects such as Chevron's Lucapa (FID now scheduled for 2014) have already been pushed back from previous years.
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