Angola to Increase its Crude Shipments by 2.2% in March

01-22-2008

Angola will ship 2.2 percent more crude oil a day in March than in February as the African nation, OPEC's fastest-growing producer last year, seeks to meet its daily output target.

Companies including BP Plc., Total SA, Chevron Corp., and Exxon Mobil Corp. will load an average of 1.88 million barrels a day in March, compared with February's revised schedule of 1.83 million barrels a day, according to the loading program. Sixty cargoes totaling about 58.1 million barrels will load in the month, compared with 55 cargoes totaling 53.2 million barrels in February.

Angola, which became a member of the Organization of Petroleum Exporting Countries last year, was set a daily production target of 1.9 million barrels at the group's meeting in Abu Dhabi on Dec. 5. Angolan oil output increased 18 percent last year to 1.61 million barrels a day, according to the International Energy Agency.

Angola's March loadings will include seven for ExxonMobil, eight for BP, and five each for StatoilHydro ASA, Eni SpA, Chevron, and Total.

State-run Sonangol SA has 24 cargoes, while Sonangol Sinopec International, a venture between the national oil company and China's biggest refiner, will load two Plutonio shipments. Galp Energia SGPS SA, Portugal's biggest oil company, has one cargo loading in March.

Angolan oil comprised 5 percent of total U.S. crude imports in 2006, or 513,000 barrels a day, according to the Energy Information Administration.

Angola's cargoes typically range in size from 875,000 barrels to 1 million barrels apiece.