Africa Oil & Gas: BP invested US$30 billion in Angola since 1995

The BP group has invested at least US$30 billion and paid US$18billion to the Angola State since 1995, BP Angola deputy director Hélder Silva said last week in Luanda at the release of the company’s sustainability in Angola.

BP Angola’s annual production has been 300,000 barrels, representing nearly 19 percent of the BP group’s global production. It is currently the main subsidiary with respect to contribution to the group’s net income.

The downturn in oil prices has caused the company to reduce its workforce by 25 percent, affecting Angolan and foreign workers and personnel with specific contracts, Silva said. It has also affected production, which this year should be around 207,000 barrels per day.

The BP group has been present in Angola since the 1970s. In the 1990s it acquired stakes in four deepwater blocs about 200 km northwest of Luanda.

In 2011 the group acquired other stakes in five new deepwater and ultra-deepwater blocs in the Cuanza and Benguela Basins south of the capital, making Angola one of the most important businesses in its portfolio. (Source: Macauhub)