Angola Tries to Jump Start Oil Exploration to Halt Output Drop

Angola

Angola’s state-run oil and gas company is ramping up efforts to lure foreign investors and halt a decline in crude output.

Once Africa’s biggest oil producer, output has tumbled in recent years due to under-investment in new projects and natural declines at aging fields. If it fails to halt this decline it will put severe strain on an economy heavily reliant on revenue from oil exports, already dealing with a weakening kwanza and about to receive a financial bailout from the International Monetary Fund.

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