Angola: Sonangol says country’s oil output fell in 2018 due to ageing fields

Angola’s oil production fell to 1.478 million barrels per day (bpd) in 2018, from 1.632 million bpd the year before, due mainly to ageing oil fields, figures from state oil company Sonangol showed on Monday.

Africa’s second-largest crude producer said late last year it was negotiating contracts for new exploration blocks to curb the steep decline in output that has seen its economy stagnate and the currency lose more than 40 percent of its value.