Angola, Africa’s second-largest oil producer after Nigeria, will need foreign and government investments to discover up to 57 billion barrels of crude oil by 2025, according to a new energy strategy reported by state news agency ANGOP. Angola’s plan includes foreign investment of US$679 million as well as US$188 million investment by the Angolan state, the news agency said. Angola’s new oil and gas strategy to boost production comes a week after the country’s upstream regulator ANPG issued its forecast for oil production from existing fields, which showed that after peaking in 2008 at nearly 2 million bpd, Angola’s oil production would average 1.28 million bpd in 2020, and continuously decline as oilfields mature, to just above 500,000 bpd by 2028, if no new discoveries are made. OPEC producer Angola has suffered a steady production decline over the past decade, especially after the oil price crash of 2014, because […]