Africa Oil & Gas: Angola expects to produce 1.5 million barrels of oil per day in 2018/2022

Angola’s National Development Plan (NDP) for the 2018/2022 period, which prioritizes human development and well-being, outlines that oil production will reach an annual average of 580.9 million barrels or 1.5 million barrels per day, the minister of Economy and Planning said on Wednesday in Luanda.

The document presented by minister Pedro da Fonseca also forecasts that the average price of Angolan oil will be US$56.6 per barrel, according to the Angop news agency.

The nominal Gross Domestic Product projected in the macroeconomic scenario will reach an average of 33.229 trillion kwanzas, with the real average expected growth rate being 3.0%, or 2.3% in 2018, 3.6% in 2019, 2.4% in 2020, 2.6% in 2021 and 4.1% in 2022.

The NDP forecasts that the oil sector will experience an average contraction of 2.0%, with -1.8% for oil and -2.5% for gas, while the non-oil sector will post growth of 5.1%.

Public debt is expected to reach 12.951 trillion Kwanzas in 2018, 14.067 trillion in 2019, 13.476 trillion in 2020, 13.442 trillion in 2021 and 12.889 trillion Kwanzas in 2022.

The NDP for 2018/2022, which contains 25 strategic policies and 85 action programmes, is based on five main pillars: sustainable, diversified and inclusive economic development, infrastructure needed for development, peace-building, strengthening of the democratic state and law and good governance, state reform and decentralisation.

The document was prepared based on the MPLA party’s governance programme (2018/2022), the Angola 2015 strategy, the Law of bases of the General Regime of the National Planning System (Law no. 1/11, of 14 January) and the review of the implementation of the 2013-2017 NDP. (macauhub)