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Angola seeks fresh investment and new markets

As the US reduces its imports, the country looks elsewhere to sell its oil

State energy firm Sonangol is confident that new offshore production will enable Angola’s oil production to rise sharply over the next couple of years, as new output outweighs losses due to technical problems elsewhere. But some doubts remain over the sector’s longer-term outlook, given an uncertain demand prognosis.  Sonangol has set a target of boosting oil production to 2 million barrels a day (b/d) in 2015, a rise of around 16% from today’s levels and a figure that would roughly match output from Africa’s largest oil producer, Nigeria. Francisco de Lemos José Maria, the company’s chairman, said recently that it plans to invest $8 billion in oil and gas exploration over the next 10 years

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