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Angola is banking on 2015/2016 being better than 2014; the southern African nation has plans for production increases over the coming year as well as seeing to it that its LNG exports resume. Speaking to reporters in Luanda, Sonangol CEO said that it plans to see production rise by 20% after suffering a “very difficult” 2014 as costs soared, prices slumped, and technical problems hit output.
In its annual report Sonangol revealed that its production in 2014 fell 2.6% over 2013 numbers and its gas output fell by 29% after its LNG plant was hit by mechanical problems. The company also saw its net income drop 77% compared to 2013’s net income.
“2014 was a very difficult year,” Maria told reporters. “We need to make corrections and to re-evaluate our entire implementation strategy,” he added.
Plans for this year include the restart of LNG productions, and an aim to increase production to 2 million bpd by Q1 2016.