An Overview of the Oil Companies in Angola

Angola: A Brief History of the Country

Prior to the end of the civil war in 2002, Angola had been caught in its own internal wreckage and the very thought of trade and commerce was weighed down by the daily struggle of leading a normal life. However, once the war dust had settled, the country had awakened and was determined to develop.

What worked in their favor was the recent discovery of high levels of oil and gas, Angola is being labeled to be so remarkably rich in. The natural oil reserves along with an abundance in precious stone found in the country is giving Angola’s economy a boost.

Discovery of Oil in Angola

Towards the end of 2006, Angola became a member of OPEC and has been given the assignment of producing up to 1.65 million barrels a day. There are a lot of foreign-based oil companies that operate on a major scale in Angola and the revenue thus obtained goes directly to rehabilitating the country’s infrastructure and lifestyle.

Major Oil Companies in Angola

Some of the world’s renowned oil companies made a beeline to tap the liquid gold resources of Angola and big names like BP, Total, Statoil, ConcoPhilips and Eni had bagged the rights to 11 of the offshore blocks. Some industry insider experts suggest that the offshore blocks, will in the long run prove to be more fruitful than its onshore counterparts, but for now Angola has immense resources that can be tapped for decades to come.

The top 5 foreign companies that are operating large-scale in Angola are US-based ExxonMobil and Chevron Texaco, UK’s BP, Dutch/UK Shell, France’s Total and Italian Eni Oil Company. These companies have the major share and also make for the highest revenue sources for Angola.

The country has been rumored to become one of the major oil suppliers to developed countries like China and US.