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Home >> Business
UPDATED: 12:28, October 22, 2005
New deep waters oil discovery announced in Angola
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Angola's State-owned oil firm ( SONANGOL) and British Petroleum (BP) announced on Friday in Luanda a new oil discovery named Hebe-1, in block 31, of the country's off-shore deep waters.

According to a SONANGOL release, the oil-well is located about 361 km to the north of Luanda and may produce 5,956 barrels per day. It is BP's ninth discovery in block 31.

SONANGOL has divided territorial waters in 74 blocks of concessions.

Angola is sub-Saharan Africa's second oil producer, pumping about 1.1 million barrels of crude daily.

SONANGOL said earlier this year that Angola's petroleum production will hit 2 million barrels a day by 2008.

Source: Xinhua

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