INDUSTRY POISED TO BOOST PRODUCTION ON ANGOLA/CABINDA ACREAGE

Development spending off Angola will peak at $750 million/year in 1993 and 1994 as operators start to implement plans to boost oil to 680,000 b/d in 1996 from 505,000 b/d last year. And during the next 9 years, upstream spending will jump to $4.7 billion at 1992 prices, compared with $3.3 billion spent in the past 9 years, says County NatWest WoodMac. The Edinburgh, Scotland, analyst says the previous record spending year occurred in 1987, when operators invested $530 million at 1992 prices.

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