Luanda - Angolan government said it expects an increase in crude oil production of around 32.800 barrels/day by 2023, rising from 1.14 million recorded in 2022 to 1.18 million barrels/day.
This forecast is contained in 2023 Budget Justification Report, which attributes the increase in oil production levels to blocks operating in the country.
The report mentioned the block 15/06 (8.59%), Block 14 (8, 26%), Block 15 (8.24%), Block 31 (4.13%) and Block 17 (7.45%), with the last showing the highest performance operated by the multinational TotalEnergies.
For 2023, the total expected production of crude oil is 430.7 million barrels/year, against the 419 expected by the end of this year, 2022.
Until October 2022, Angola exported 351.7 million barrels of crude at an average price of USD102.48, according to consolidated data published on the Ministry of Finance website, provided by the Special Taxation Directorate ( DTE).
The average oil price in the same 2023 Budget proposal is set at USD 75 against USD 59, the latter considered the most conservative.
With this and other economic indicators for 2023, the Angolan Executive foresees a strengthening of the recovery process of the Angolan economy, with real GDP growth of 3.30%, compared to the 2.7% growth forecast for 2022.
The anticipated growth for 2023 is justified by expectations of an increase in oil and gas production of around 2.98% (without gas, 2.8%) and in the non-oil sector at a rate of 3.42%.
These economic projections for 2023 were prepared on the basis of an average price of a barrel of oil of 75 dollars and an average daily oil production of 1.18 million barrels of crude oil (bbls) already mentioned, as well as a projected inflation of 11. 1%.
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