Luanda — The oil refinery being built in Lobito, Angola's central Benguela province since 2008, is expected to produce in its first phase 120,000 barrels/day, Angop learned Tuesday in Luanda.

The information was released by the Oil minister, Jose Maria Botelho de Vasconcelos. The minister was speaking to the press on the sidelines of the opening of the International Conference on Oil and Gas. He stated that the second phase of the production in the Lobito refinery will push the plant's refining capacity up to 200,000 barrels/day.

The minister noted that the implementation of the project is intended to put an end to import of oil by-products and promote exports. Botelho de Vasconcelos assured that with the Lobito refinery there will be a reduction in prices of oil products by about 16 percent, and an increase in the added value to goods produced in the country.

Also seeking to halt the import of oil derivatives, the minister spoke of the construction of the first refinery in Soyo, northern Zaire province, with a production capacity estimated at 200,000 barrels/day. As for the future production of oil and gas, the officials said that the proved oil reserves are estimated at 9.5 billion barrels, over a period of 50 years with the start of exploration of the pre-salt.

Via | Angop

In relation to the natural gas reserves, he said, they are estimated at 11 trillion cubic feet, equivalent to a production of more than 30 years.

The two days conference gathers experts from the Ministry of Oil, Sonangol (National Fuel Society of Angola), World Bank and international experts in the field of oil and gas.