July 16, 2013 / 10:56 AM / in 5 years

CORRECTED-UPDATE 2-Angolan oil exports slip, far off 2 mln bpd target

(Corrects to show Total is operator of Pazflor, not BP, in
paragraph 4)
    * September exports fall to 1.67 mln bpd
    * Average monthly exports slightly below Nigeria's
    * Asian demand for west African oil weakens

    By Emma Farge
    GENEVA, July 16 (Reuters) - Angola's monthly crude exports
will slip in September to 1.67 million barrels per day (bpd), a
provisional shipping list showed, indicating that Africa's
number two oil producer may struggle to reach an output target
for next year.
    OPEC member Angola, which pumps nearly all of its oil from
offshore fields, was scheduled to export 1.70 million bpd in
    Production from the southern African country has reached a
plateau in recent years, despite ambitions to boost output to at
least 2 million bpd. Oil minister Jose Botelho de Vasconcelos
was quoted as saying last year that Angola could increase
production to this level by 2014.
    Flat output is mostly due to a natural decline in output of
some fields, such as the Exxon Mobil-operated field Xicomba,
although new volumes from Total's Pazflor have helped
to offset the fall.
     Reuters data shows that average monthly loadings are 1.72
million bpd in 2013 so far compared with top producer Nigeria's
1.90 million bpd.
    Output could jump if oil majors are successful in
discovering fresh oil in the Kwanza Basin seabed, a region
deemed to have a similar geology to Brazil where large fields
containing high-quality light oil have been discovered.
    "The 2 million bpd production figure seems ambitious.
Production is also partly based on demand from different parts
of the globe and that figure seems high based on current trade
flows," said Rolake Akinkugbe, head of oil and gas research at
    In a worrying development for Angola, which earns over 95
percent of export revenues from oil, Asian demand for West
African crude has slowed in recent weeks. This is partly due to
a stronger premium of Brent to Dubai grades - an indicator of
export profitability to Asia. DUB-EFS-1M 
    The total volume of around 50 million barrels will be
exported on 52 tankers, the programme showed.
    The shipping list indicated that the number of tankers from
two of the largest fields, Plutonio and Dalia, would be
unchanged at six in September.
    There will be no cargoes of Gimboa in September, it showed.
    For a graphic showing historical loading programmes, click
on: here
    For a chart of Angolan exports by grade, see below:
 **ANGOLAN         Cargoes     Barrels
 MONTHLY                       per day
 Cabinda           5           158,000
 Girassol          5           167,000
 Palanca           1           33,000
 Nemba             6           190,000
 Saturno           3           95,000
 Xicomba           0           0
 Kuito             1           31,000
 Dalia             6           190,000
 Hungo             5           158,000
 Plutonio          6           200,000
 Mondo             1           32,000
 Kissanje          4           127,000
 Saxi              2           63,000
 Pazflor           7           222,000
 Gimboa            0           0
 TOTAL*            52          1,670,000
 * Figures may be subject to rounding errors
** Loading programmes may be revised and are subject to change

 (Reporting by Emma Farge; additional reporting by Simon Falush;
editing by Keiron Henderson and Jeff Coelho)
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