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Offshore Angola could be next oil bonanza

April 30, 2013 at 6:11 AM   |   Comments

LONDON, April 30 (UPI) -- Offshore Angola may be the next focal point for explorers as it may have reserves similar to Brazil's, an analyst said.

. Because of historic continental shifts, the reserves off the Angolan coast may be similar to Brazil's, which hold an estimated 50 billion barrels of oil offshore.

"It's the next hot spot," Jason Kenney, an oil analyst at British bank Santander told The Daily Telegraph. "The Kwanza basin (offshore Angola) is very similar to the Santos basin off Brazil and if the first wells are to be believed there is going to be quite significant resources to be found there."

British oil company BP aims to spend as much as $15 billion more there through the decade.

BP Regional Vice President Martyn Morris said the company was looking forward to long-term results offshore Angola.

"There has been a lot of money invested, so there is huge expectation," he said.

BP's first oil production offshore Angola came in December, a year late and $4 billion over budget.

Angola, a member of the Organization of Petroleum Exporting Countries, ranks second behind Nigeria in terms of oil production in Sub-Saharan Africa.

Topics: Jason Kenney
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