Angola to become Africa's second largest oil producer

Oil companies will spend $20 billion developing the deep waters off Angola during the next 5 years, positioning the West Africa nation to become Africa's second largest oil producer, said the Centre for Global Energy Studies in a late March report.Field development plans in Angola suggest that the country's oil production "will overtake that of Libya by 2006," CGES said. Angola now ranks third behind Nigeria and Libya, having surpassed Egypt and Algeria after production began from Girassol field.With spectacular successes off Angola in recent years-"at least 21 oil discoveries since 1996"-the country's oil reserves have skyrocketed to more than 10 billion bbl from 1.5 billion ...

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