Angolan oil industry will avoid crisis

ENI which is the largest oil and gas company in Italy, announced the discovering of a new field of black gold in Angola, which should help the local oil industry to avoid a crisis.

The Angolan economy, like of most countries on the African continent, is specialised mostly on the export of resources. In the case of Angola it is crude oil, the volume of which in the structure of exports in the best years reached 95%, which provided up to 70 percent of all revenues in the state budget.

However, in recent years, local oil production began to face such an objective difficulty as the depletion of old fields. Reconstruction and modernization of oil refineries allowed to help the decision of the problem, however, without the discovery of new fields it is no longer possible to maintain the level of production at the same values .
Taking this into account, the message of the Italian company ENI about the discovery of a new large black gold field in Angola (with a capacity of up to 20,000 barrels per day) was a real gift for local oil companies, which will allow them to avoid the crisis and provide them with work in the coming years.