Angola | Cabinda Gulf Oil extracts 5 billion barrels this year

The Cabinda Gulf Oil Company, a subsidiary in Angola of US group Chevron, this year extracted 5 billion barrels in blocks Zero and 14, after operating in the country for 60 years, the company’s managing director said recently in Cabinda.
John Baltz said that despite the unfavorable situation created by the fall in the price of oil on the international market, the company maintains production efficiency levels.
“The company is facing the challenge of the low price of oil on the international market but over 60 years of working in Angola, has been able to deal with times of crisis,” he said, cited by Angolan news agency Angop.
Meanwhile, the International Energy Agency (IEA) released its monthly report on the oil market saying that excess supply of oil worldwide will continue over the next year, despite growth of consumption.
The IEA also reported that oil reserves – already at record levels – would continue to grow, even with consumption increasing to a five-year high in 2015 and supplies from outside the Organisation of Petroleum Exporting Countries (OPEC) falling next year for the first time since 2008.
“Although rebalancing has already started the process should be continued, since surplus supply is likely to persist until 2016 – suggesting that global reserves will grow even more,” said the International Energy Agency report.
Estimates from the International Energy Agency show that surplus supply worldwide will reach 1.4 million barrels per day in the second half of this year, before slowing to about 850,000 barrels per day in 2016. MDT/Macauhub